(ShareCast News) - Deutsche Bank lifted its price targets on Marks & Spencer and Next as it took a look at the UK clothing retailers.DB said the UK fashion market continues to experience multiple structural trends."We make detailed analysis and projections of five of these: online, store churn, market share shifts, the returns on expansion and gross margin opportunities," it said.While there is no clear winner across all five, it concluded that M&S retains the greater potential to deliver higher earnings growth and cash returns and raised its price target on the stock to 600p from 580p, while reiterating its 'buy' rating.Meanwhile, it lifted its price target for Next to 7,100p from 6,950p but kept its 'hold' rating on the stock."Higher resultant earnings growth potential at M&S, lower current valuation and attractive risk-reward profile means it remains our preferred stock in UK fashion retail and a top sector pick."Deutsche reckons Next will continue to outperform M&S on a market share basis, but said M&S still has the clearer gross margin opportunity and should generate more cash as a percentage of market cap in the next five years.Over the next five years, it expects Next to be able to generate 31% of its current market capitalisation in cash, versus 44% at M&S."Next has the scope to return a further 10% by increasing leverage but we only see this as a likely outcome if shares fall back below the current buyback limit (6,827p)," said DB.At 1307 BST, M&S shares were up 1.2% at 544.68p, while Next was up 0.7% at 7,558.25p.