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Marks and Spencer: shares down after broker cuts target.

(CercleFinance.com) - Marks and Spencer shares are down 0.
3% at 328.4 pence in London on Friday, after Jefferies cut its target price on the UK retailer's share, citing "caution ahead of Christmas."

The US broker - which has a "buy" rating on the share - has cut its target price from 420 pence to 370 pence.

In its research report, Jefferies says M&S' net promoter score (NPS) slipped from a four-year high of 30% in July to 24% in October - meaning that 24% of M&S' customers would highly recommend their experience to family and friends.

"This suggests tougher Autumn trading to come," the broker warns in the report.

Marks and Spencer will report its interim results next week, on 8 November.

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