JPMorgan analyst Borja Olcese downgraded Tesco to Underweight from Neutral with a price target of 230 GBp, down from 240 GBp. he analyst sees disinflation triggering lower like-for-like sales, impacting margins and valuations in the Europe food retail sector. The firm downgraded the shares to reflect a cautious sector view.
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- Tesco price target lowered to 240 GBp from 250 GBp at JPMorgan
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