Tesco: sacrificing a short-term guidance upgrade for longer-term volumes
The Christmas period was strong with Tesco proactively investing further and building volume momentum. The group has traded in a potential guidance upgrade for longer-term volume gains, which makes sense in view of its competitors' limited room for manoeuvre. Buy reiterated with a 403p PT and persi
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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