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Marks & Spencer shares plummet on trading fears

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.

Readers' comments (1)

  • If Marks and Spencers are only down 6 % then I think they are doing better than most.

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