TSCDF - Tesco Is Performing Well But Reopening Is Unfavorable

• Supermarkets have been a major beneficiary of the pandemic, and therefore, reopening could mean a reversal in fortunes.
• Lockdown regimes have been repealed, and the UK is especially aiming towards a return to normal.
• With food service channels likely to recover, Tesco could lose share, and on the backdrop of inflation, the direction isn't great.
• Tesco has hovered down from pre-COVID levels, but the headline risks make it still a bit unattractive.

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