Morgan Stanley initiated coverage of Tesco (TSCDY) with an Overweight rating and 560 GBp price target The firm says the UK grocery group “is no longer just a price war, but an ecosystem war.” It expects Tesco to dominate share of the spend and sees an sees attractive risk/reward for Marks and Spencer given its recovery potential. Sainsbury “looks caught in the middle,” the analyst tells investors in a research note.
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