Tesco, UK Retailers Gain After Broker Upgrade -- Market Talk

Tesco tops the FTSE 100 risers at the close and other UK retailers also gain after Barclays reportedly upgraded the UK grocer. The bank increased its target price on Tesco to 325 pence from 320p, saying it expects the company to report strong first-half results on Oct. 4. "Consumer discretionary has seen a lift today, with Tesco gaining ground on the back of a broker upgrade after Barclays modestly raised its price target, giving a lift to the rest of the sector, with Sainsbury's also higher," CMC Markets analyst Michael Hewson writes. Tesco rises 1.9% to 260p, Sainsbury's shares gain 1.3%, Primark owner Associated British Foods advances 0.5% and fashion retailer Next is up 0.4%. (philip.waller@wsj.com)

(END) Dow Jones Newswires

August 25, 2023 13:33 ET (17:33 GMT)

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