Citi analysts expect to see Britain’s largest supermarket Tesco PLC (LSE:TSCO) increase its market share when it reports its first-half results next month.
Analysts are forecasting a 3.8% rise in like-for-like sales, representing a steady acceleration from the 3.4% of growth seen in the first half of 2023.
According to recent Kantar data, Tesco increased its leading position in the supermarket space by 5.3% to 27.8% in the September quarter.
Tesco’s closest competitor J Sainsbury PLC (LSE:SBRY) added 5.7% to claim 15.2% of market share.
Citi raised its target price on Tesco shares to 425p from 350p and maintained a buy rating. Shares fell 0.4% to 367.5p on Friday, although Sainbury’s was bid lower with a 2.3% dip.
The broader FTSE 100 index is currently trading 21 points higher at 8,262.