Barclays has reaffirmed its 'Overweight' recommendation and 350 pence price target on Tesco, ahead of the British retail group's update on its first-quarter 2024-25 sales on June 14.

"We expect like-for-like sales to have risen by +4% in the UK and +4.5% in Ireland, while those at Booker would have contracted by 1% and those in Central Europe by 0.5%", the broker predicts.

Barclays does not expect any change in Tesco's management targets for the year at this early stage. Market share data for the core UK business remain reassuring', it adds.

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