BUZZ-Marks and Spencer: JPMorgan cuts to "underweight"

** JPMorgan analysts cut Marks and Spencer to "underweight"from "neutral", PT to 307p from 550p

** Shares down 1.5 pct, bottom of the FTSE 100, witha tenth of co's daily avg vols gone through in the first 5minutes of trade

** Analysts say volume uplifts from price cuts in clothinglikely to be materially lower than in the past

** M&S warned of a short-term profit hit from efforts toturn around its clothing biz by cutting prices and improvingranges last week

** Shares down 19 pct since and closed at 2-yr lows onThursday, having fallen for the sixth-straight day

** JPM sees M&S to cut prices by 2 pct, vs deflation in theclothing market of -6 pct; in comparison they flag in FY07 M&Scut prices by 6 pct vs clothing market deflation of -4 pct

** Also point out that M&S is operating in a significantlymore competitive environment, saying in the last 10 yrs valueretailers' market share has grown by over 500 bps, and onlinepenetration is up about 15 pctage points

** Analysts cut pretax profit estimates for FY 17 by 14 pct,add they expect pretax profit in FY 17/18 to be flat (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)