M&S shares shot to a five-year high on Tuesday as investors predict the retailer will be crowned one of the best-performing over the holiday period.
The food and clothing retailer was among the top risers on the FTSE 100 as shares jumped as much a 2.5%, raising the value of the group by more than £70m.
The flurry of activity came after BNP Paribas analysts crowned M&S as one of their top stock picks for 2024, adding that the business was “a likely Christmas winner”.
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Analyst Warwick Okines said the retailer was more prepared in its food business going into the festive period, which made it competitive on price and helped it to draw in more shoppers.
He added that M&S also had a better range of clothes, selling more brands in its stores, which would provide a boost to sales.
BNP Paribas’ prediction come as the retailer’s turnaround programme picks up pace under chair Archie Norman, chief executive Stuart Machin and co-chief executive Katie Bickerstaffe.
M&S re-entered the FTSE 100 for the first time in four years back in August after its shares soared to a 19-month high.
The retailer is due to report its sales figures for the Christmas period on January 11.
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