'The ship has turned.' JPMorgan upgrades iconic U.K. retailer Marks & Spencer
By Steve Goldstein
Marks & Spencer, the storied U.K. retailer, saw an upgrade to overweight at JPMorgan, as the bank said it's the retailer demonstrating the biggest positive inflection out of the pandemic.
While rival Next has taken the most market share since the pandemic, M&S market share gains are the highest year-over-year, said the bank.
"It is the only retailer within the six players that we consider below where a change in direction of market share trend has been witnessed and gains have continued into 2024," said analysts led by Georgina Johanan. "We prefer to own the retailer where share gains are highest, expectations are lowest, and valuation least demanding."
Marks & Spencer shares (UK:MKS) rose 2% in early trade.
The analysts have neutral ratings on Next (UK:NXT) and Associated British Foods (UK:ABF), which owns Primark. Next shares inched higher while ABF stock fell 1%.
-Steve Goldstein
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04-11-24 0410ET
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