JPMorgan raised its target for Marks & Spencer (LSE:MKS) to 450p and kept an Overweight rating, forecasting a c.400bp online margin boost from the Lichfield DC and lifting FY29 pre‑tax profit ~6%, as shares rose after M&S posted its fastest grocery sales growth since 2023.
Previous Week Recap
- JPMorgan Lifts M&S Target: JPMorgan lifts Marks & Spencer (MKS) target to 450p, keeps Overweight. Forecasts ~400bp online margin gain in Fashion/Home/Beauty as Lichfield DC scales, raises FY29 pre-tax profit ~6%. Shares +3.5%.
- MKS Fastest Grocery Growth: MKS reported fastest grocery sales growth since 2023 for the four weeks to July 12; market data excluded M&S from grocery peer comparisons due to its larger non-food operations.
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