Tesco: Building credibility as a defensive yield story (coverage initiation)
In a food retail industry that has to slalom between the risks of food deflation and price wars in 2024, we are initiating coverage of Tesco at Buy to play its very high exposure to a still-growing and rational UK market. Tesco's earnings beat and raise cycle does not seem over to us, while its imp
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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