Tesco (LSE: TSCO) shares have done well in 2025, rising more than 10%. The same can’t be said for other UK food stocks such as Marks and Spencer (LSE: MKS) and Greggs (LSE: GRG) though – year to date these two stocks are down around 10% and 40%, respectively.

Wondering what lies ahead for these stocks? Let’s take a look at City analysts’ share price forecasts.

Tesco could be fully valued

Tesco shares have a lot of momentum right now. Currently, they’re trading for 426p – about 28% higher than the level they were at a year ago.

It seems analysts expect the stock to run out of steam soon though. At present, the average analyst price target is 424p, so a little below the current share price.

Now, I’ve been quite bullish on Tesco shares in recent years. But I tend to agree with the consensus view here.

At present, Tesco is trading on a forward-looking price-to-earnings (P/E) ratio of about 16. And at that earnings multiple, I think the stock is fully valued.

I’ll point out that I still see Tesco as a solid company. I just don’t see the stock as a Buy to consider today.

Right now, Tesco is trading like it has won the UK supermarket battle. And I’m not convinced that’s the case – the landscape remains competitive.

Marks and Spencer has potential

Analysts see more potential in Marks and Spencer. Currently, the average price target here is 426p, which is about 23% above the current share price of 346p.

I could see this stock getting to that price target so I think it’s worth considering. Recently, this company has been having a lot of success in both its food and clothing divisions (I’m a fan of both).

Meanwhile, the valuation appears to have room for expansion. Looking at the earnings per share forecast for next year (starting March), the P/E ratio is only 10.

That said, Marks and Spencer will have to prove that it’s completely on top of the recent cybersecurity problems. These issues – which plagued the company for months – were quite embarrassing and totally unacceptable for a FTSE 100 company.

Greggs is paying investors to wait

As for Greggs, analysts see even more potential in this stock. It’s currently trading for 1,596p yet the average price target is 2,117p – about 33% higher.

I will point out, however, that Greggs had just put out a disappointing update in which profits were down year on year. So, analysts’ price targets may fall in the weeks and months ahead.

Looking at the 2025 earnings per share forecast today (127p), Greggs shares look cheap today. Currently, the P/E ratio is 12.4.

However, after that trading update, I’m not convinced the EPS forecast is achievable (for the first half of 2025 EPS was just 45.3p). So, the shares probably aren’t as cheap as they look.

That said, they could still be worth considering. After all, this is a high-quality company with a great track record.

Further weak trading updates are a risk. However, with a 4% dividend yield, investors are being paid to wait for a turnaround.