Recovery: JP Morgan said M&S has done better than its rivals in gaining market share since the pandemic
Marks & Spencer won a vote of confidence when JP Morgan said “the ship has turned”.
It has fared better than its rivals in gaining market share since the pandemic, a bullish bank note said.
JP Morgan told clients to buy shares as a recovery plan led by boss Stuart Machin gathers pace.
The firm is “well ahead” of rivals Primark and Next, winning new buyers for its fashion while attracting younger customers by shedding a scruffy reputation.
Compared to competitors such as H&M and Zara, JP Morgan said it was the only one “where a change in the direction of the market share trend has been witnessed and gains continued until 2024”.
He added: “M&S has demonstrated the biggest positive inflection in market share following the pandemic.” M&S returned to the FTSE 100 last year after four years.
Share rose 1.2 per cent, or 3p, to 258.7p