Marks & Spencer: shares up after Berenberg raises target

(CercleFinance.com) - Marks & Spencer shares are up 1.
8% on Thursday, outperforming a timid 0.4% rise in London's midcap index, the FTSE 250, after Berenberg increased its target price for the British retailer's share.

The German broker - which has a "buy" rating on the stock - on Thursday said that it has raised its target price from 125 pence to 160 pence, which represents 16% upside potential.

The vaccine rollout could provide some clarity for a recovery, the note says.

"While ongoing COVID-19 restrictions will drag on Marks & Spencer's short-term performance, the pandemic itself has forced the group to address its weaknesses - and it should emerge a much stronger business," Berenberg says.

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