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M&S upgraded after sales update.
(From FT Investor (Pulses))
Marks and Spencer's better-than-expected second quarter sales figures were greeted with a round of ratings and earnings upgrades from analysts, though some caution remains that buoyant high-street spending cannot continue in 2003. JP Morgan raised its earnings per share and pre-tax profits forecasts for Marks & Spencer by almost 6 per cent to take account for the stronger than expected trading. The high street fashion and food retailer reported second quarter sales far exceeding JP Morgan's and consensus forecasts, the investment banker said. JP Morgan increased its like-for-like assumptions for the full year to 8 per cent at clothing, which implies like-for-like growth of 3.5 per cent in the second half against tougher ...
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