Tesco Shares Dip (LON:TSCO) – Price Target Raised As Rating Downgraded
Tesco shares (LON:TSCO) are pulling back this morning, down 0.84% today following a mixed view from Wall St, against some bearish market sentiment regarding the UK retail sector. The share price reaction comes despite some firms raising their price targets, highlighting the complexities facing the supermarket giant.
While JPMorgan increased its price target to GBX 500 from GBX 450, maintaining an ‘Overweight’ rating, Jefferies downgraded Tesco from ‘Buy’ to ‘Hold’. The split on Wall St underscores the differing perspectives on Tesco’s near-term potential.
Jefferies’ downgrade is attributed to the stock’s significant re-rating year-to-date, up 17.28%, coupled with concerns about a “muted” UK retail spending environment….
