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Broker tips: Tesco, StanChart, BT Group, Tate & Lyle

Sharecast

LONDON (ShareCast) - Record (LSE: REC.L - news) annual losses from Tesco (Xetra: 852647 - news) were widely attacked by financial analysts and City traders but there was optimism that the results showed several hints of a turnaround. Deutsche Bank (Xetra: 514000 - news) took an optimistic view: "While there are arguably a few more downward pressures than upward pressures, we don't expect 2015/16 consensus numbers to move materially on these results. The confirmation of an agreed funding plan for the pension deficit, which isn't materially more onerous than our current forecasts, is a positive." Credit Suisse (NYSE: CS - news) has lowered its price target for emerging markets-focused lender Standard Chartered (Other OTC: SCBFF - news) from 880p to 850p and kept an 'underperform' rating, causing shares to slip on Wednesday.

"The company is now prioritising building capital by holding back growth, but we think that gives up future earnings," warned analyst Carla Antunes-Silva.

BT Group (LSE: BT-A.L - news) was dialling the right numbers with investors on Wednesday after Nomura lifted its target price on the stock from 520p to 550p and kept a 'buy' rating.

"Following the acquisition of EE, BT has secured a strong network position at a time when European regulators (and Ofcom) are incentivising network investment; and it will stand alone as the only integrated operator in the UK with the benefit of network economics on both fixed and mobile services," said analyst James Britton.

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Shares (Berlin: DI6.BE - news) in sugar, sweetener and food ingredients group Tate & Lyle (LSE: TATE.L - news) were losing their flavour on Wednesday after analysts at Credit Suisse lowered their rating on the stock from 'neutral' to 'underperform'.

The bank's downgrade, which included cutting its target price from 615p to 600p, followed the company's decision to exit its bulk ingredients business in Europe and cut back on its Sucralose plants. "As ever with Tate any move to improve the quality of earnings comes at a cost to the quantity," it said.