MARKET TALK: Tesco 1Q Broadly In-Line - Shore Capital

15th Jun 2010 07:54

0654 GMT [Dow Jones] Tesco's (TSCO.LN) 1Q update is broadly in line with expectations, if anything a little toward the top end of expectations, says Shore Capital. It notes like-for-like sales are broadly flat, a result Shore is relaxed about, with Europe slightly positive and Asia slightly negative. Shore says the one market it is concerned about internationally is Hungary, but it notes overall the outlook appears to be brightening. With strong sustainable growth anticipated, succession sorted out, debt falling and returns rising. Buy rating. Shares closed Monday at 392p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 15, 2010 02:54 ET (06:54 GMT)