Buffett Banks on Tesco Turnaround With U.K. Price Cuts: Retail
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Warren Buffett has 1 billion pounds ($1.6 billion) riding on Tesco Plc turning around its U.K. business. He’s not alone in backing Britain’s biggest retailer.
While analysts expect Tesco to report the steepest decline in domestic sales since at least 2005 tomorrow, they’re also the most optimistic they’ve been in at least two years on the company’s shares. Almost three-quarters say clients should buy -- advice Buffett’s Berkshire Hathaway Inc. already followed by raising its stake to 3.64 percent.