** Next up 2.7 pct, top UK blue-chip riser &at a 2-wk high in strong volume
** Keeps annual profit forecast, Q1 sales slightly ahead ofown guidance, to pay another special divi
** Despite underperformance YTD (up c.7 pct YTD vs c.16 pctrise from M&S ) Jefferies sees valuation as rich on 16.8xits (below cons) cal 16 EPS est; broker keeps "underperform",reckons co's multi-channel competitive edge diminishing
** M&S trades up 0.9 pct (RM: tricia.wright1.thomsonreuters.com@reuters.net)