Marks & Spencer's share price took a drop yesterday after Pali International downgraded the retailer's shares to sell.
Analyst Nick Bubb at Pali International downgraded M&S ahead of the company's third quarter interims next week, and cut full year profit expectations for the company by £30 million to £640m.
Shares closed 7.25p down to 219.75p yesterday, although they dropped to below 219p at one point.
Bubb said: "With more downgrades and a dividend cut on the horizon, we think M&S's rating can crack further.
Seymour Pierce analyst Freddie George today reiterated a recommendation to sell M&S shares.
George said: "The main concern is that M&S is not in great shape for the difficult trading outlook ahead."
Marks & Spencer reported a 6.1% drop in like-for-like sales for the 13 weeks to September 27.