Tesco drops as Shore Capital ends three-year buy call Proactive uses images sourced from ShutterstockShares in Tesco PLC (LSE:TSCO) fell on Wednesday after Shore Capital downgraded Britain's largest supermarket group for the first time in more than three years, arguing the shares have run far enough for now. The stock was down 2.6% at 449.7p in late morning trading, valuing the FTSE 100 company at roughly £28 billion. Black said the shares were fairly valued at about 15 times forecast earnings, an equity rating he considered deserved but difficult to push higher from here. Recent market share data suggests Tesco is now roughly holding position rather than gaining. Shore also noted the fuel discount Tesco introduced this month.