date:Jul 13, 2012
term, but we believe it will pay off longer term,it said.
Downgraded Tesco
It downgraded its recommendation for Tesco from hold to sell.
I do think the average supermarket price level will have to come down now commodity prices have decreased in the past 12 months,said Meijer.
ING added that the UK food retail sector was becomingincreasingly unattractive, with decelerating revenue growth and declining operating margins.
Julian Wild, food group director at legal firm Rollits, agreed. He told