Tesco shares up after Shore Capital and Credit Suisse backing

<p>Support from Shore Capital and Credit Suisse helped Tesco shares up.</p>

The share price of Tesco was up today (March 6th) as a result of the backing of Shore Capital and Credit Suisse.

Its stocks jumped by three per cent and stood at 379.90 at 15:45 GMT despite the recent horsemeat scandal, with shares in the supermarket chain rated as a buy.

Shore Capital's Clive Black and Darren Shirley explained how "stabilisation of the core chain appears to be underway" at Tesco.

Mr Black added that he believes the brand "has a strong asset base with which to pursue a well-considered, multi-channel strategy".

Shore gives the shares a 367p price target while Credit Suisse ups its to 430p, it was noted.

Another big name from the British high street – Debenhams – saw its shares drop this month after the company stated it is expecting profits for the first six months of 2013 to drop.

Stocks in Debenhams fell by more than 13 per cent on March 4th as a result of the news.

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