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Brokers note - Marks & Spencer

Investec Securities has upgraded its recommendation on Marks & Spencer from ‘Sell’ to ‘Hold’ ahead of the release of its Q1 sales numbers next week.

CITY & CORPORATE

Brokers note - Marks & Spencer

Although the broker does not intend to change its pre-tax profit
forecast of 450 million for 2010 it does expect an improved Q1 sales performance. It is also expecting a more responsive management to investors' concerns, which it believes will help the share price in the short term.

Investec notes that M&S shares have underperformed the general retail sector by a little less than 10% over the past quarter to stand at a current 307.75p, with the broker keeping its 300p price target unchanged.

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