MARKET TALK: Evolution Cuts Tesco Target Price Post CEO News

8th Jun 2010 12:18

1118 GMT [Dow Jones] Evolution Securities cuts its target price on Tesco (TSCO.LN) to 375p from 405p following the early retirement of Terry Leahy from the CEO role. Notes Phil Clarke will become CEO in March 2011 and will inherit a strong business. However, he will have to preside over the biggest restructuring in the company's history, at the time the industry is entering a period of unprecedented activity. Evolution says uncertainty about succession planning at the top is over, but it has increased further down the organisation as it has on how Tesco will deal with the changing industry environment. Maintains a reduce recommendation. Shares -3.4% at 394p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 08, 2010 07:18 ET (11:18 GMT)

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