Marks & Spencer initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Izabel Dobreva initiated coverage of Marks & Spencer with an Overweight rating and 439 GBp price target The firm says the UK grocery group “is no longer just a price war, but an ecosystem war.” It expects Tesco to dominate share of the spend and sees an sees attractive risk/reward for Marks and Spencer given its recovery potential. Sainsbury “looks caught in the middle,” the analyst tells investors in a research note.