Tesco: shares up after Berenberg raises target

(CercleFinance.com) - Tesco shares are up on Wednesday, outpacing the British stockmarket, after Berenberg raised its target price for the supermarket chain's share.


Berenberg raised its target price on the retailer's shares from 265 pence to 295 pence, while maintaining its "buy" rating.

The German broker said that it has identified important near-term catalysts which are still underappreciated by the market.

"After strong first-quarter results, we are even more confident about Tesco and expect numerous near-term catalysts for outperformance over the summer and into the interim results," it said.

The shares are currently up 1.6% at 260 pence, compared to a 1.1% rise in London's FTSE 100 index.

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