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From £5k to £12.4k! Is the current Tesco share price still a bargain?
['Zaven Boyrazian', 'Min Read']
Yahoo Finance - Business Finance, Stock Market, Quotes, News
Over the last five years, the Tesco (LSE:TSCO) share price has quietly doubled.
Group sales came in at £16.8bn, with UK like-for-like sales up 1.8% on top of an exceptionally strong prior year period.
The team at Morgan Stanley issued an Overweight rating with a 560p share price target – around 18.9% higher than where Tesco shares are trading today.
So with plenty of wind in Tesco's sails, is this a cheap stock worth considering today?
While far from disastrous, like-for-like sales fell 3.2% during the first quarter, partly reflecting a lower-margin contract exit and some unfortunate prior-year comparatives.