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UBS has reiterated its 'buy' rating on Tesco PLC (LSE:TSCO), keeping a 12-month price target of 545p and pointing to a share price return potential of 16.45%. Analysts Sreedhar Mahamkali and Angelo Mangieri made the call in a note dated 3 September, with shares trading at 468p at the time of writing.
Shares in Tesco PLC (LSE:TSCO) fell on Wednesday after Shore Capital downgraded Britain's largest supermarket group for the first time in more than three years, arguing the shares have run far enough for now. The stock was down 2.6% at 449.7p in late morning trading, valuing the FTSE 100 company at roughly £28 billion.
Shares in J Sainsbury PLC (LSE:SBRY) and Tesco PLC (LSE:TSCO) nudged lower in morning trading after figures showed the heatwave continued to weigh on shopper numbers in July. Total UK footfall fell 2.1% on a year earlier, according to data from the British Retail Consortium (BRC) and Sensormatic, which tracks visitor numbers to retail locations.
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