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(Sharecast News) - Berenberg hiked its price target on Marks & Spencer on Thursday to 480p from 415p after the company's full-year results.
The bank, which maintained a 'buy' rating, said it was increasing its FY 2027 adjusted pre-tax profit estimate by 2% to around 938m.
"The company seems confident of a full profit recovery in FY 2027E (to March 2027) following the disruption caused by the April 2025 cyberattack," it said. "We expect the food division to lead the way, noting its ongoing growth.
"At the heart of the explanation for M&S's food market share gains - despite cyber-disruption - is management's unwavering focus on improving customer appeal through a combination of price, quality, style, innovation and customer experience in stores and online."
Berenberg said that provided this customer-pleasing approach continues, it expects sustainable recovery and growth in both the food and fashion divisions.
"The company's plan requires heavier investment into stores, systems and logistics than experienced under previous management teams, but we think the top-line growth strategy could ultimately reward investors," it said.
At 1430 BST, the shares were down 0.7% at 346.20p.
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