Marks & Spencer: shares jump after upgrade

(CercleFinance.com) - Shares of British retailer Marks & Spencer were up over 5% on Wednesday after Jefferies upgraded the stock on the resilience of its food business.


"We were impressed with Marks & Spencer' food progress pre-crisis. And are now reassured by its ongoing relevance to UK consumers," the broker wrote in a note to clients.

Jefferies hence upgraded M&S stock from "hold" to "buy" with a new target price of 160 pence.

"Clothing and home will likely remain a share loser over the longer term. But food is now a much-improved proposition. And the disconnect between equity value and FC potential is just too tempting," Jefferies said.

Marks & Spencer shares were up 5.2% at lunch time on the London Stock Exchange.

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