Barclays reaffirms its 'overweight' recommendation on Marks & Spencer and raises its target price from 300 to 315 pence, ahead of the publication of annual results (May 22), for which it expects pre-tax profit to rise by 42% to £685 million.

Any comment on the outlook for the 2024-25 financial year will be crucial", points out the broker, who expects M&S to adopt its usual cautious tone despite what it anticipates to be strong sales (particularly in food) at the start of the first quarter.

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