BROKERWATCH Marks & Spencer upped to 'overweight' vs 'neutral' at HSBC, tgt 400p

Tue. July 01, 2008; Posted: 02:32 AM

LONDON, Jul 01, 2008 (Thomson Financial via COMTEX) -- MASPY | Quote | Chart | News | PowerRating -- HSBC has upgraded Marks & Spencer Plc. to 'overweight' from 'neutral' with a target price cut to 400 pence from 445 pence, market sources said.

In a note published this morning, HSBC said that following a de-rating in the retail sector attractive valuations have now been created in the sector.

The broker added that it also believes M&A activity is likely to climb in the sector initially on a small scale.

Elsewhere, HSBC has kept its 'neutral' rating HMV Group Plc., Next Plc. and DSG International Plc. and lowered their respective price targets to 130 pence from 138 pence, 1,100 pence from 1,280 pence and 47 pence from 75 pence.

HSBC has retained its 'underweight' stance on WH Smith Plc. and cut its price target to 300 pence from 330 pence. joanne.frearson@thomsonreuters.com jf/lam

Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

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