Tesco downgraded to Hold from Buy at Jefferies

Jefferies downgraded Tesco (TSCDY) to Hold from Buy with a price target of 450 GBp, up from 440 GBp. The firm cites the stock’s multiple re-rating year-to-date along with the “muted” retail UK spending environment for the downgrade. Jefferies is taking a more cautious view on UK retail, seeing a “disconnect between market optimism and consumer confidence.”