Marks & Spencer: Jefferies cuts target price

(CercleFinance.com) - Jefferies has cut its target price for the Marks & Spencer stock from 370 pence to 310 pence, saying that Brexit uncertainty is taking a toll on British retailers.


The US broker - which still however maintains a "buy" rating on the shares - thinks that M&S's strategy to concentrate on a less, but more profitable, clothing space is "appropriate," but notes that food will remain under pressure, given ongoing investments in price and range.

"From a valuation perspective, Marks & Spencer displays an interesting profile, given a highly cash generative nature and near historic low valuation," it adds.

Jefferies has also cuts its target prices for Sainsbury, Tesco, and Wm Morrison.

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