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Tesco: UBS still a buyer after results

( - The analyst highlights the group's good start to what is likely to be a difficult year.

Following its Q1 results announcement, UBS reinstates its buy rating on the stock with an unchanged target of 330p.

"Group Retail LFL was +2% (Cons: 0%) aided by strong trends in Booker and Europe. UK LFL was -1.5% vs company polled informal consensus -1.4%," UBS said.

While the business of its subsidiary Booker, the UK's largest food wholesaler, rose by over 19% in the period, UK store sales fell by 1.5% LFL in the quarter.

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