Goldman downgrades Marks & Spencer to 'neutral'
Marks & Spencer Group
262.90p
16:45 23/04/24
2.46%
6.30p
Marks & Spencer was under pressure on Friday after Goldman Sachs downgraded its rating on the retailer to ‘neutral’ from ‘buy’, citing limited upside.
FTSE 250
19,799.72
16:59 23/04/24
n/a
n/a
FTSE 350
4,424.29
16:59 23/04/24
n/a
n/a
FTSE All-Share
4,378.75
17:14 23/04/24
n/a
n/a
General Retailers
3,912.01
16:59 23/04/24
-0.04%
-1.75
Goldman noted that since being added to the ‘buy’ list on 9 December 2019, the shares are down 35% versus the FTSE World Europe up 1.2%.
"We attribute the underperformance to this year’s Covid-19 induced restrictions on trading activity," it said.
GS said there is upside of around 7%, versus the sector’s average upside of around 17%.
The bank left its 145p price target unchanged. It also made no changes to its estimates.
At 1030 GMT, the shares were down 2% at 127.65p.