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(Sharecast News) - Citi sounded a positive note on the launch of Ocado Retail, bumping up its target price for Marks&Spencer 's shares to 120.0p in the process.
Despite the difficult environment encountered during the year-long planning phase for its launch - which saw increased demand for Ocado - the broker argued that the strategic rationale for the partnership remained intact.
"[Ocado Retail] should allow a wider range of customers to reappraise the M&S offer in terms of breadth of range, relative price and quality in addition to delivering volume synergies," they said.
Citi analysts did lower their estimates for M&S's profits before tax in financial year 2021 from £241m to £166m, but raised that for FY 2022 by 7% to £331m, from £309m, on the back of the "significant" cost restructuring that was under way.
The analysts stuck to their 'neutral' recommendation for shares of M&S.
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Ocado pay policy opposed by 19% of votes cast at annual meeting
LONDON, April 29 (Reuters) - Some 19% of votes cast at Ocado's annual shareholder meeting on Monday opposed the online grocer and technology group's proposed new pay policy that could see boss Tim Steiner pick up a bonus share award of up to 15 million pounds ($19 million).
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