Kepler Cheuvreux initiated coverage of Marks & Spencer on Tuesday with ‘buy’ rating and 467p price target.
Source: Sharecast
"M&S’s share price has rallied spectacularly over the past two years," it said. However, the valuation multiples have risen little relative to its peers, Kepler said.
"Benefiting from high-quality management, we believe that M&S should continue to offer positive momentum in its two businesses, enabling the steady growth that sets it apart in the UK retail sector."
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