Tesco’s Price Target Trimmed, With Bullish Sentiment Maintained

Tesco shares (LON: TSCO) have had their outlook revised at JPMorgan, with an adjustment in price target on TSCO from 410p to 400p. Despite the trim in target price, the firm has maintained an “overweight” rating on Tesco’s stock, indicating its potential to outperform in the market with an expected upside of more than 10% from its current trading level.

Tesco’s share price trades down 0.19% on the day at 359p, a mild outperformance on the FTSE 100‘s decline of 0.32%. Outperformance has been a theme over the past year for the stock, with Tesco delivering a gain of more than 19%, against the Footsie’s more muted 8% rise.

The company has a market capitalisation of £24.54 billion and a PE ratio slightly above 19, reflecting its significant presence in the UK retail market.

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