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Pin to quick picksMarks & Spencer Share News (MKS)

Share Price Information for Marks & Spencer (MKS)

London Stock Exchange
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Share Price: 264.30
Bid: 264.10
Ask: 264.40
Change: 3.20 (1.23%)
Spread: 0.30 (0.114%)
Open: 263.70
High: 264.90
Low: 262.30
Prev. Close: 261.10
MKS Live PriceLast checked at -

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Citi ups Marks & Spencer to 'buy', notes limited downside

Mon, 14th Nov 2016 11:26

(ShareCast News) - Citigroup upgraded Marks & Spencer to 'buy' from 'neutral' and lifted the price target to 365p from 325p as it said downside was limited and the UK strategy presents upside.The bank said that while it remains cautious about the company's strategy to sustainably reignite sales growth, it has become more confident about delivery on the UK store plan and sees opportunity on central cost savings.In addition, Citi highlighted encouraging signs around full price clothing sales and said that despite the increased cash costs, the free cash flow yield is 6.5% in FY18E and 11% in FY19E, with a dividend yield of 6%."With the stock down around 7% since the strategy update, investor concerns look overdone."Our buy rating is predicated on MKS being able to deliver on its strategic elements whilst maintaining its returns within the Food business. But we see limited downside to the shares at this level and upside from potential upgrades of around 25% over the medium term if MKS delivers."The bank kept its full-year 2017 pre-tax profit estimate at £608m but lifted its estimate for FY18 by 4% to reflect half the benefit from the International loss elimination.Citi said the investment case for Marks is not without risks and it sees more value in the likes of Dixons and Pets at Home, both of which it rates at 'buy'.At 1130 GMT, M&S shares were up 2.7% to 336p.
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2 Jun 2023 11:07

IN BRIEF: Marks & Spencers tenders GBP228.1 million loan notes

Marks & Spencers PLC - London-based food, clothing, home and bank services retailer - Says it has tendered GBP107.2 million of GBP300.0 million 3.750% notes that are due in 2026, and that it has tendered GBP120.9 million of GBP324.6 million 4.750% notes due in 2025. This follows the invitation made to holders of outstanding notes to tender their notes for purchase by the company for cash in an aggregate nominal amount of up to the 2025 notes and 2026 notes maximum acceptance amount. The offers were announced in May 2023, and were made on terms and subject to conditions contained in the tender offer memorandum. The company also announces that the 2025 and 2026 notes final acceptance amount is expected to be set at GBP219.4 million in aggregate nominal amounts of notes.

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