JP Morgan reiterates 'underweight' on Marks & Spencer, criticises choice of strategy

Analysts at JP Morgan labelled Marks & Spencer's from the day before "relatively uninspiring", criticising the group's choice of strategy in a challenging market for retailers and reiterating their recommendation to 'underweight' the company's stock.

They conceded that setting the foundations for a turnaround takes time, but there was "minimal tangible evidence of progress" in the latest set of financials from the company.

Combined with the "very fast" pace of change in the sector, the investment bank said it struggled "to become more constructive".

"Furthermore, we remain sceptical that the group’s strategy to appeal to a more family-based customer is the right one," they said.

"Instead we think it places MKS increasingly closer to the structurally challenged “squeezed middle”."

JP Morgan stuck to its 250p target price for the company's shares.