The high expectations surrounding the company have not been adequately met, as the share price has drifted three per cent, as against a nine per cent hike in the FTSE100. We recommend a cautious buy.
SAM HART | CHARLES STANLEY
For a company forecast to deliver at least low double-digit growth in underlying earnings and dividends in each of the next three years, the valuation seems undemanding. We re-iterate our accumulate recommendation.
PHILIP DORGAN | ALTIUM SECURITIES
We believe that the statement is marginally better than expected – it is encouraging that Tesco exited the quarter strongly. Tesco has significant strengths which should lead to a better relative performance.