1131 GMT - Marks & Spencer is making significant progress with its turnaround strategy and is expected to benefit from a recovery in the U.K. consumer backdrop, HSBC head of European consumer retail research Paul Rossington and analyst Emmanuelle Vigneron say in a note. Over the past two years, the U.K. retailer reverted a historical track record of negative like-for-like sales, reflecting the sustainability of its strategy, they say. M&S has a more relevant product offer, which is driving market-leading volume growth and share gains in food in fiscal 2024, they say, noting that a better backdrop could boost meaningful returns to shareholders. HSBC upgrades its recommendation on the stock to buy from hold and the target price to 380 pence from 280 pence. Shares are up 1.3%, and up 60% over the past 12 months. (michael.susin@wsj.com)
(END) Dow Jones Newswires
June 12, 2024 07:31 ET (11:31 GMT)
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