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In the fashion world: UBS report claims M&S shares will rise to 435p next year
Marks & Spencer shares are set to rise to their highest level in almost nine years as it continues to attract new customers, analysts say. In another vote of confidence on the High Street
A UBS report says the stock will rise to 435p next year. M&S has not traded at that level since December 2015.
The report sent M&S shares up 1.8 per cent, or 6.5 pence, to 376 pence, the highest level since 2017. The stock has quadrupled in value in just under two years.
In their note to clients, UBS analysts Yashraj Rajani and Sreedhar Mahamkali wrote: “We believe the exceptional annual performance is just the beginning of a multi-year market outperformance story for M&S.”
M&S sales rose 9 per cent to £13 billion last year, while profits soared 58 per cent to £716 million.
Susannah Streeter, an analyst at brokerage Hargreaves Lansdown, said UBS’s note was “another vote of confidence for M&S”.
He added: “M&S has given shareholders plenty to be happy about this year.”
In a separate note, JP Morgan also expressed optimism about UK stocks, saying that “it is the best performing market globally over the past six months.”
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