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BUZZ-Tesco: drops out of MS' European best ideas list

Reuters - UK Focus

** Morgan Stanley (Xetra: 885836 - news) removes Tesco (Xetra: 852647 - news) from its European best ideas

** Move to remove from list comes after MS analyst Edouard Aubin says still to early to buy UK grocers and trims price targets across the sector

** Introduction of UK's "New Living Wage" a material headwind for sector's profitability

** Aubin keeps an "overweight" rating on Tesco but cuts price target to 220p from 260p

** Cut reflects lower assumed proceeds from disposals, less traction in the UK domestic market than anticipated and persisting and need for clearer strategy on its pricing vs peers

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** Tesco falling off leaves ARM Holdings (LSE: ARM.L - news) , Credit Suisse, Ryanair, Sonova and Technip (Swiss: TEC.SW - news) on MS' European best ideas list

** Tesco shares flat on the year and down almost a quarter from April's highs

(RM (LSE: RM.L - news) : vikram.subhedar.thomsonreuters.com@reuters.net)