Kepler Cheuvreux starts Marks & Spencer at 'buy'

(Sharecast News) - Kepler Cheuvreux initiated coverage of Marks & Spencer on Tuesday with 'buy' rating and 467p price target. "M&S's share price has rallied spectacularly over the past two years," it said. However, the valuation multiples have risen little relative to its peers, Kepler said.

"Benefiting from high-quality management, we believe that M&S should continue to offer positive momentum in its two businesses, enabling the steady growth that sets it apart in the UK retail sector."