Marks & Spencer: Credit Suisse raises target price
(CercleFinance.com) - Credit Suisse reiterates its 'outperform' rating on Marks & Spencer shares, having raised its target price for them by 10% to 220 pence (from 200 pence), citing the main impression from the full year results as "a recovery which is increasingly taking root across all business lines and channels".
The broker believes that this recovery should continue for several more years as consumer perceptions continue to improve, new market share is won and further internal improvement measures are implemented.
"Cyclical headwinds such as input costs, wage pressure and energy should also roll off over the next two years," Credit Suisse adds, which is raising its earnings estimates and believes that M&S still looks cheap.
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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 broker believes that this recovery should continue for several more years as consumer perceptions continue to improve, new market share is won and further internal improvement measures are implemented.
"Cyclical headwinds such as input costs, wage pressure and energy should also roll off over the next two years," Credit Suisse adds, which is raising its earnings estimates and believes that M&S still looks cheap.
Copyright (c) 2023 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.