Tesco and B&M see share prices fall following downgrades by JP Morgan
Daily Mail Shares in some of Britain's most prominent retailers fell on Tuesday after a US investment bank expressed a more cautious view of the European food retail sector.
Among blue-chip listed companies, Tesco shares declined by 2.4 per cent to 257.6p, and B&M European Value Retail shares dropped 3.1 per cent to 549.6p following downgrades by JP Morgan.
The brokerage has lowered its rating on the former from 'overweight' to 'neutral' and reduced the price target to 250p from 270p.
On the latter, it has downgraded the stock from 'overweight' to 'underweight,' cut the price target by 64p to 5.13 and contracted its earnings per share forecast for this year and next.
Meanwhile, Sainsbury's shares slid 1.2 per cent to265.5p as JP Morgan upheld an underweight rating despite increasing its price target from 2.09 to 2.38.
