In fashion: A report by UBS said M&S stock would rise to 435p in the coming year
Marks & Spencer shares are set to jump to their highest level in nearly nine years as it continues to woo new customers, according to analysts. In another vote of confidence in the High Street
stalwart, a report by UBS said the stock would rise to 435p in the coming year. M&S has not traded at that level since December 2015.
The report sent M&S shares up 1.8 per cent, or 6.5p, to 376p – the highest 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 that the exceptional full-year performance is just the start of a multi-year market outperformance story for M&S.’
M&S sales rose 9 per cent to £13billion last year while profits soared 58 per cent to £716million.
Susannah Streeter, an analyst at broker Hargreaves Lansdown, said the UBS note was ‘yet another vote of confidence for M&S’.
She added: ‘M&S has given shareholders plenty to be happy about this year.’
In a separate note, JP Morgan was also cheery about UK stocks saying it ‘is the best performing market globally in the past six months’.
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