UBS has raised its recommendation on Sainsbury from 'neutral' to 'buy', with a price target raised from 275 to 295 pence, a new target which implies a potential increase of 14% for the British food retailer's shares.

In the summary of its note, the broker considers that the market does not fully reflect the company's margin and cash return potential in the medium term, and believes that the fall in the share price offers a good entry point into the business.

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