UBS sees Tesco building a stronger business as market share ambitions rise
UBS has reiterated its buy rating on Tesco PLC (LSE:TSCO) with a 545p price target after a deep dive into the supermarket group's annual report revealed what the broker described as a strong performance in a tough market. The investment bank said Tesco invested in price, recovered gross margins and delivered efficiencies even as operating expenditure headwinds from a £228 million increase in national insurance contributions eroded EBIT margin modestly.
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