Marks & Spencer: UBS raises target price
(CercleFinance.com) - The group has announced a 17.
2% rise in profit before tax and adjustment items to £407.8m (2023/24: £348.1m).
UBS believes that it will continue with market share gains and cost control.
Following the publication of H1 results, UBS confirms its Buy recommendation on the stock, raising its target price to 465 pence (from 435 pence). This new target represents 17% upside potential for the stock.
"We reiterate Buy as we expect sustained share gains to lead to further topline driven upgrades and a potential re-rating," UBS says.
In the first five weeks of H2, overall business is on track, and we are confident of continued progress for the remainder of the year, the group says.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
2% rise in profit before tax and adjustment items to £407.8m (2023/24: £348.1m).
UBS believes that it will continue with market share gains and cost control.
Following the publication of H1 results, UBS confirms its Buy recommendation on the stock, raising its target price to 465 pence (from 435 pence). This new target represents 17% upside potential for the stock.
"We reiterate Buy as we expect sustained share gains to lead to further topline driven upgrades and a potential re-rating," UBS says.
In the first five weeks of H2, overall business is on track, and we are confident of continued progress for the remainder of the year, the group says.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.