Brokers note - Marks & Spencer
Bernstein Research has re-iterated its Market-perform recommendation on Marks & Spencer in a note considering the potential catalysts for share price outperformance.The broker says in the short term the shares could be pushed higher by: easier comp aratives in H2 versus 2008; the upside to be gained from favourable Asian sourcing; higher available income for consumers to spend on discretionary goods; and the higher likelihood consumers will want to treat themselves on small ticket items.
However, at this stage Bernstein suggests there are no new elements to be more positive on M&S over the medium term than when it downgraded the company in May. It also keeps its price target unchanged at 410p, which compares with an underlying share price of 327.5p following the 1% increase yesterday morning (August 12).
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