(News Bulletin 247) – Credit Suisse reiterates its ‘outperformance’ opinion on Marks & Spencer with a price target raised from 200 to 220 pence, retaining from the annual results the main impression of a ‘recovery that is taking root more and more more across all lines of business and channels’.
According to the broker, this recovery should play out for several more years as consumer perception continues to improve, new market shares are taken and new internal improvement measures are implemented.
‘Cyclical headwinds such as input costs, wage pressure and energy should ease over the next two years,’ adds Credit Suisse, which is raising its profit estimates and thinks M&S continues to look cheap .
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