Goldman downgrades Marks & Spencer to 'neutral'
Marks & Spencer Group
366.60p
14:04 18/11/24
-0.43%
-1.60p
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
20,358.11
14:05 18/11/24
n/a
n/a
FTSE 350
4,455.01
14:05 18/11/24
n/a
n/a
FTSE All-Share
4,412.91
14:05 18/11/24
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General Retailers
4,583.89
14:04 18/11/24
0.08%
3.51
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.