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LONDON BROKER RATINGS: Deutsche says 'buy' B&M and Marks & Spencer
(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning:
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Marks & Spencer Information
Share Price Information for Marks & Spencer (MKS)
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Share Price:
273.80
Bid:
272.20
Ask:
272.40
Change:
-3.00 (-1.08%)
Spread:
0.20 (0.073%)
Open:
276.70
High:
277.50
Low:
272.10
Prev. Close:
276.80
Last checked at -
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Don't have an account? Click here to register.Broker snap: M&S update 'disappointing' as clothing underperforms, says Numis
Thu, 09th Jan 2014 09:04
Numis Securities has scaled back its profit forecasts for Marks & Spencer (M&S) after the High Street retailer missed expectations in its third quarter.M&S managed to impress the market, with shares rising 3.35% to 459.8p in morning trade, but Numis wasn't convinced, labelling it as "another disappointing update" with the General Merchandise (GM) division continuing to underperform.The broker maintained a 'hold' rating and 450p target price for the stock.Group sales rose by 1.8% in the 13 weeks to December 28th, the firm said. However, while total UK sales increased by 1.5%, they were down by 0.2% on a like-for-like (LFL) basis."Q3 LFLs have come in light of consensus, already lowered since mid-December," said analysts Andrew Wade and Matthew Taylor.They said that GM LFL sales were "particularly disappointing", falling by 2.1%, which compared with consensus forecast for no change and Numis's forecast for a 0.5% decline. Meanwhile, Food LFL sales were also shy of expectations, rising by just 1.6%, below forecasts (consensus and Numis') for a 2% gain.M&S said that full-year Food gross margins would be ahead of previous guidance of a 50 to 60 basis-point improvement, but promotional activity means that GM margins would fall would 30 to 50 basis points. This would work out to full-year UK gross margins being broadly flat year-on-year."It seems that, having attempted to operate at full price through early Q3, in line with strategy, the business capitulated in the face of a warmer October and never recovered," Numis said.The broker has lowered its pre-tax profit forecast for the year ending March 2014 to £628m, which leaves the stock trading at around 15 times earnings."With capex set to normalise from 2014/15 as the bulk of the infrastructure investment reaches its conclusion, the shares look inexpensive from a forward cash flow perspective but, now having posted 10 consecutive quarters of negative GM LFLs, we remain unconvinced by the crucial piece of the jigsaw - the improvement in trading trend in the GM division."BC
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UK dividends calendar - next 7 days
| Friday 10 November | |
| Bodycote PLC | dividend payment date |
| Breedon Group PLC | dividend payment date |
| Chesnara PLC | dividend payment date |
| Finsbury Growth & Income Trust PLC | dividend payment date |
| Invesco Bond Income Plus Ltd | dividend payment date |
| JPMorgan Emerging Markets Investment Trust PLC | dividend payment date |
| Kerry Group PLC | dividend payment date |
| Merchants Trust PLC | dividend payment date |
| Mid Wynd International Investment Trust PLC | dividend payment date |
| Mid Wynd International Investment Trust PLC | special dividend payment date |
| Montanaro UK Smaller Cos Investment Trust PLC | dividend payment date |
| Senior PLC | dividend payment date |
| Spectris PLC | dividend payment date |
| Spirax-Sarco Engineering PLC | dividend payment date |
| Travis Perkins PLC | dividend payment date |
| Monday 13 November | |
| no events scheduled | |
| Tuesday 14 November | |
| no events scheduled | |
| Wednesday 15 November | |
| Coats Group PLC | dividend payment date |
| Ferguson PLC | dividend payment date |
| JP Morgan Mid Cap Investment Trust PLC | dividend payment date |
| Strategic Equity Capital PLC | dividend payment date |
| Thursday 16 November | |
| abrdn Property Income Trust Ltd | ex-dividend payment date |
| Asian Energy Impact Trust PLC | ex-dividend payment date |
| Baillie Gifford Japan Trust PLC | ex-dividend payment date |
| BlackRock Greater Europe Investment Trust PLC | ex-dividend payment date |
| Bunzl PLC | ex-dividend payment date |
| Bytes Technology Group PLC | ex-dividend payment date |
| Centrica PLC | dividend payment date |
| Coca-Cola Europacific Partners PLC | ex-dividend payment date |
| DX Group PLC | ex-dividend payment date |
| Empiric Student Property PLC | ex-dividend payment date |
| Fonix Mobile PLC | ex-dividend payment date |
| GCP Asset Backed Income Fund Ltd | ex-dividend payment date |
| GSK PLC | ex-dividend payment date |
| Hargreaves Lansdown PLC | ex-dividend payment date |
| Henderson Opportunities Trust PLC | ex-dividend payment date |
| ICG Enterprise Trust PLC | ex-dividend payment date |
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| Lancashire Holdings Ltd | special ex-dividend payment date |
| Majedie Investments PLC | ex-dividend payment date |
| Marks & Spencer Group PLC | ex-dividend payment date |
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| SCS Group PLC | ex-dividend payment date |
| Shell PLC | ex-dividend payment date |
| Supermarket Income REIT PLC | dividend payment date |
| UK Commercial Property REIT Ltd | ex-dividend payment date |
| Unilever PLC | ex-dividend payment date |
| Wincanton PLC | ex-dividend payment date |
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9 Nov 2023 15:45
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