The High Street stalwart has been a whipping boy for analysts over the last few years, as the City watched the retailer rapidly fall from its peak, reached under Sir Stewart Rose, who left in 2009.
But after better-than-expected figures from M&S, banks were lining up to give the retailer the thumbs up. Goldman Sachs, Deutsche Bank and UBS all upgraded the company to a Buy, and Citi raised its price target.
Deutsche said it believes the retailer’s interim numbers herald the start of “a multi-year margin journey”, whereas UBS went as far as to dub the company “the next Next”. The endorsements helped Marks & Spencer enjoy its second day of strong gains and climb to a six-month high, up 21.7p at 465.8p.
Full article: London Evening Standard