- Jefferies raises target price for Marks & Spencer
- Berenberg raises target price for B&M
- Citi upgrades BT Group to ‘Buy’
- Jefferies upgrades HSBC to ‘Buy’
- Shore Capital upgrades Frontier Developments to ‘Buy’
Jefferies raises target price for Marks & Spencer
Jefferies raised their target price on retailer Marks & Spencer LON:MKS from 115p to 125p suggesting recent numbers had delivered a solid third-quarter performance in both its food and GM units..
The high street retailer is due to release a Christmas Trading update on Thursday and investors will be keen to see if shoppers have splashed out during this cost of living crisis to make the festive season that extra bit special.
At the time of writing, shares were priced at 143.92p, an increase of 13.6% on the year to date and -44% on the last 12 months.
Berenberg raises target price for B&M
Berenberg has raised the target price of B&M LON:BME from 460.0p to 525.0p whilst reiterating their ‘Buy’ rating. The broker felt the discount retailer was well placed for 2023 with third quarter revenue well ahead of expectations, stating “With struggling peers providing an opportunity for further market share gains, a well-controlled inventory position and the potential for surplus capital returns to continue over the medium term,”
At the time of this report, the B&M share price was at 448.23p, up 5.7% on the year to date and -26.7% on the last 12 months.
Citi upgrades BT Group to ‘Buy’
Citi has upgraded BT Group LON:BT.A to a ‘Buy’ from ‘Neutral’ as a result of wholesale price increases. BT has been facing headwinds with investment in infrastructure, rising taxes and interest costs, as well as labour and energy. However, the broker sees pricing momentum for the telecomms provider moving in its favour.
Shares were sitting at 128.60p, up 11.9% on the year to date and -27.5% on the last 12 months.
Jefferies upgrades HSBC to ‘Buy’
Jefferies has upgraded HSBC LON:HSBA to a ‘Buy’ (Hold) and raised the target price to 770p from 574p as the bank gears up for a re-opening of China. Jefferies expects the re-opening of the economy to drive higher loan demand and general activity in the region, benefiting the group.
Shares were priced at 571.20p at the time of writing, up 7.8% in 2023 to date and 15.4% over the last 12 months.
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Shore Capital upgrades Frontier Developments to ‘Buy’
Shore Capital has upgraded Frontier Developments LON:FDEV to a ‘Buy’ (Hold) with the target price unchanged. The broker is expecting record sales in 2023 and significant profitability upscaling.
The video game developer has seen its share price fall considerably in recent months and the broker sees this as an opportunity for investors.
Meanwhile, Berenberg has downgraded the company to ‘Hold’ (Buy) and cut it’s target price from 2,000.0p to 620.0p on what it sees as significant headwinds.
Shares were priced at 479p at the time of writing, down 50% on the year to date and -73% on the last 12 months.
