Marks & Spencer upgraded to Buy from Hold at Jefferies

Jefferies upgraded Marks & Spencer to Buy from Hold with an unchanged price target of 310 GBp. The firm’s UK consumer cash flow model shows a consumer with “substantial disposable income recovery” over the next year, with fiscal fiscal 2024 and 2025 growth of 7% as rising wages and sinking energy costs offset incremental pressures from housing. The analyst sees an upbeat consumer environment fully translating into a supportive clothing retail market.