Broker note : Marks & Spencer
Credit Suisse has re-iterated its Underperform recommendation on Marks & Spencer following its preliminary results this week.The broker suggests the company's numbers for the calendar first quarter pr ovided a wave of optimism but that the prelims have delivered a painful dose of reality. The result being that Credit Suisse's earlier highlighting of difficulties at M&S are finding increased justification with the market now reminded that the company's problems are unlikely to be sorted by short term trading.
Credit Suisse does however increase its price target on M&S by 21% to 195p as a result of the overall market valuation shift over recent months. This compares with an underlying share price of 286p.
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