Brokers note - Marks & Spencer
The broker says the company delivered some positively surprisingly numbers (especially in general merchandise) but since the shares have enjoyed a strong run recently to take them to a premium valuation, Investec suggests that any upgrades are probably already in the price.
Although Investec believes the momentum towards M&S is positive it says the trading environment is tough for the company as it remains a target for the rest of the market. With caution ahead of the M&S’ investor day on October 13, the broker is retaining its ‘Hold’ recommendation and price target of 345p, which compares with an underlying share price of 362.1p.
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