MARKS & SPENCER (MKS) Very Top Heavy - Short from £4.01p Oct 2005

CSFB Lifts Marks & Spencer Price Target

Wednesday, December 14, 2005 3:18:19 AM ET
Dow Jones Newswires



0710 GMT [Dow Jones] CSFB lifts Marks & Spencer's (MKS.LN) price target to 500p vs 430p. Reiterates outperform. "We are today (Tuesday) making a 3% upgrade to our current-year pretax estimates on the basis of increased sales growth estimates for the second half," CSFB says. "We have not changed our gross margin assumptions although we feel that we may well be in position to do so soon as inventories should be much cleaner following recent favorable market conditions." Notes M&S retains significantly under-geared balance sheet suggesting potential for material capital repatriation over the medium-term forecast period. Closed at 478p. (SMT)