Marks & Spencer upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Marks & Spencer to Overweight from Equal Weight with a price target of 280 GBp, up from 244 GBp. The analyst says the company is “firing on all cylinders,” with market share gains coming through in both food and clothing, while management is taking out costs. The stock’s valuation is still “undemanding” and the risk/reward is skewed to the upside, the analyst tells investors in a research note.