Marks & Spencer: shares jump after broker upgrade

(CercleFinance.com) - Shares in British retailer Marks & Spencer rallied nearly 4% on Tuesday morning after a broker raised its rating on the stock.


Berenberg analysts, who have raised their rating of the M&S share from "sell" to "buy," said that they expect a significant improvement in clothing and home and ongoing positives in food.

"We view the announcement that Richard Price will be joining to lead clothing and home as a positive, while the Ocado joint venture provides a longer-term growth opportunity in grocery," they wrote in a note.

Berenberg has also increased its target price for the share from 160 pence to 250 pence.

Following these comments, M&S shares were up 3.9% at 221.3 pence in morning trading on the London Stock Exchange.

The company will post its third-quarter trading update on Thursday.

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