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Credit Suisse Sees Turnaround hopes fading for M&S, Cuts target price
October 17, 2014 11:05 amVideo
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Credit Suisse today cut its target price for M&S (MKS.L) by a huge 15% citing concerns over recovery at the failing high street chain. The bank says it sees “few signs of a recovery” and posted a new target price of 360p down from 450p. At present it sees the only thing supporting the share is the 5% dividend yield.
M&S (MKS.L) will be reporting interim results shortly though these are predicted to follow the now common theme of good performance in food sector supporting weakness in its clothing lines. Pre tax profit for the interim period is predicted to fall again for the fourth straight year, current analyst guidance is £255M, down from £262M in the previous period.
Commenting sources at the bank said “The combination of slower UK sales growth in September, continued weakness in demand in many of M&S‘ overseas markets, and the strength of sterling has led us to cut another 2% from our forecasts. Earnings momentum has been negative for four years and with second-half expectations already quite demanding, we see little in either the external environment or self-help agenda to suggest that this is about to change.”
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