UBS reaffirms its 'buy' recommendation on Tesco with a price target maintained at 315 pence, a target which implies a 6% upside potential for the British food retail group's stock.

'We expect a strong third quarter and Christmas period, as Tesco enters the 2024-25 financial year with good momentum. The potential for earnings growth in 2024-25 remains, and the share remains cheap', the broker believes.

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