Marks & Spencer (MKS.L) Stock Update: Price Action, Outlook and Analyst Forecasts

Marks and Spencer Group plc stock is back in the spotlight after a profit hit from a cyberattack, a fresh Christmas marketing push – and a headline-grabbing long‑term analyst call of 705p per share.

Key facts at the close on 3 December 2025

Ticker: MKS.L (London), MAKSY (US OTC ADR)
Closing price (London): ~334.4p (sell 334.2p / buy 334.4p) ^[1]
Day move: down roughly 1.7% from the previous close around 340.1p ^[2]
Day range:328.93p – 341.00p ^[3]
52‑week range:319.2p – 417.5p – the shares sit about 20% below the 52‑week high and just under 5% above the low. ^[4]
Market value: c. £6.7bn ^[5]
Trailing P/E: roughly 11x adjusted FY 2025 earnings per share of 31.9p ^[6]
Dividend yield: about 1.1%, with a 1.2p interim dividend declared (ex‑dividend 27 November; payable 9 January 2026). ^[7]

Performance-wise, data from Hargreaves Lansdown and StockAnalysis shows M&S shares are modestly negative year‑to‑date in 2025 (around ‑8%) but still up strongly over the medium term — roughly +170% over three years and +150% over five years. ^[8]

What moved Marks & Spencer stock into early December?

1. Profits hit by cyberattack, even as sales surge

M&S is heading into Christmas 2025 with solid top‑line momentum but a bruised profit line.

For the 52 weeks to 29 March 2025, the group reported: ^[9]

Revenue: £13.9bn
Profit before tax (statutory): £511.8m
Profit before tax & adjusting items: £875.5m (highest in over 15 years)
Adjusted EPS: 31.9p
Net funds (ex‑lease liabilities): £437.8m

Food and Clothing & Home both delivered their third consecutive year of growth, with food sales up 8.7% to £9.0bn and Clothing, Home & Beauty up 3.5% to £4.2bn, on double‑digit margins in both divisions. ^[10]

The picture changed in the current financial year. Half‑year results for the 26 weeks to 27 September 2025 showed: ^[11]

Group sales: up 22.1% to £7.97bn, helped by fully consolidating Ocado Retail
Adjusted pre‑tax profit:£184.1m, almost half the £413.1m reported a year earlier
Food sales: up 7.8%
Fashion, Home & Beauty sales: down 16.4%

Analysis from Rockbird Media highlights that this sharp profit drop comes despite a ~£100m insurance payout, with the damage largely tied to an April cyberattack that knocked Fashion & Home e‑commerce offline for weeks and disrupted fulfilment into early summer. ^[12]

Reuters earlier reported that the cyber incident — attributed by security sources to a ransomware group — forced M&S to shut down parts of its online operations and rely on manual processes, with analysts initially estimating over £60m in lost profit and more than £1bn in market value erased. ^[13]

In its full‑year results and subsequent commentary, the company has guided to a total operating profit impact of around £300m for FY 2025/26 before cost mitigation, insurance and trading actions. ^[14]

Management’s message alongside the half‑year numbers is that momentum is returning, and they expect second‑half profit to be at least in line with last year, using cost savings and a tighter focus on margins to support the recovery. ^[15]

2. Christmas 2025: digital‑first, social‑first

Into December, M&S has launched one of its most aggressive social commerce pushes to date.

A five‑day “Live Shopping Style Stream” Christmas event is running across the retailer’s Instagram and Facebook accounts, with themed streams each day – from “Kit Out the Kids” and “Beauty & Home” to “Gifting & Hosting 101” and “Now Trending” womenswear. The events feature brand ambassadors and well‑known UK presenters such as Vernon Kay, Laura Jackson and Nana Acheampong. ^[16]

According to the company’s own press release, the idea is to let shoppers browse curated edits and buy their full gifting list without leaving the sofa, as M&S leans into a “social‑first” marketing strategy rather than a single blockbuster TV ad. ^[17]

For equity investors, this matters because it ties directly to the digital recovery story: Rockbird’s analysis casts this Christmas as a test of whether M&S can turn renewed customer traffic into margin‑accretive growth after the cyber incident. ^[18]

3. A 705p long‑term “in due course” scenario

The most eye‑catching research note on 3 December came from Shore Capital, highlighted by AskTraders. The brokerage – which acts in an advisory capacity to M&S and classifies the stock as a “House Stock” – argued that the company’s latest Capital Markets Day reinforced belief in a long‑term earnings “runway”. ^[19]

Key points from that analysis: ^[20]

Shore Capital sees a pathway to 47p in earnings per share over time.
On a price‑to‑earnings multiple of around 15x, that would imply a valuation close to 705p per share – more than double today’s price.
The firm did not change its near‑term numbers; the 705p figure is framed as an eventual scenario, not a formal 12‑month price target.
The broker emphasised “prodigious potential cash generation” and a more credible transformation roadmap across Food, Clothing & Home and operations.

For context, 47p in EPS would be roughly 50% above the current adjusted EPS base of 31.9p, so this is firmly a multi‑year view rather than a prediction for 2026. ^[21]

4. A 14% slide in November and a bumpy short term

Before today’s session, retail investors were digesting a difficult November. A piece from The Motley Fool UK noted that the M&S share price fell about 14% over the month, even after a strong run‑up earlier in the year, and framed the pullback as not entirely “bad news” given the valuation reset after big multi‑year gains. ^[22]

On the purely technical side, StockInvest’s AI‑driven model currently labels MKS.L as a “hold / accumulate” candidate: ^[23]

The stock has fallen in 7 of the last 10 sessions into 2 December.
It sits near the bottom of a wide, horizontal short‑term trend, with a 90% probability range of roughly 329p–416p over the next three months.
Key short‑term support is flagged around 338p, with resistance near 350p.
The service warns that a break below roughly 325p would signal a trend shift lower, while a bounce from current levels could offer a trading opportunity.

These technical reads are, of course, model‑based trading tools rather than fundamental forecasts, but they help explain why short‑term traders may be nervous around support levels just above the 52‑week low.

Analyst ratings and price targets: where does the Street stand?

Despite the cyber shock and recent volatility, sell‑side analysts remain broadly constructive on Marks & Spencer.

Consensus views (as of 3 December 2025)

Investing.com – 15‑analyst consensus ^[24]

Overall rating: Buy
Breakdown: 11 Buy, 3 Hold, 1 Sell
Average 12‑month price target:427p
Target range:342p – 470p
Implied upside: about +28% from the current price (~334p)

MarketBeat – 7‑analyst sample ^[25]

Consensus rating: Moderate Buy
Split: 4 Buy, 3 Hold
Average target:415p
High / low:450p / 360p
Implied upside:+24% from a reference price of 334.2p

TipRanks – 9 recent analysts ^[26]

Consensus rating: Moderate Buy
Ratings mix: 6 Buy, 3 Hold, 0 Sell
Average 12‑month target:424.1p
Range:360p – 470p
Implied upside: around +22% versus a last price of 347.7p

Taken together, the big platforms cluster around a low‑to‑mid‑400s fair value over 12 months – an upside of roughly 20–30% versus where the shares trade today, if those forecasts prove accurate.

Named broker calls

Investing.com’s breakdown of recent broker moves highlights the diversity of views behind that consensus: ^[27]

Citi: Buy, price target 440p (upgrade in September 2025)
Deutsche Bank: Buy, target 435p
RBC Capital: Hold, target 400p (downgrade in October 2025)
Berenberg: Hold, targets around 406–412p

These calls sit well below the 705p “in due course” valuation scenario flagged by Shore Capital, underlining that most mainstream 12‑month models are more conservative about how quickly earnings and the rating might improve. ^[28]

Growth forecasts and quality metrics

Beyond price targets, Simply Wall St’s aggregated data paints M&S as a reasonable growth story at a moderate multiple: ^[29]

Earnings growth: forecast around 31.6% per year over the next three years
Revenue growth: about 4.9% per year, slightly ahead of the broader UK market
Future return on equity: expected to be roughly 17% in three years

Those numbers are based on multi‑analyst consensus projections and assume that the cyberattack is a one‑off hit, not a permanent drag on margins.

US ADRs: Unusual volume in MAKSY

On the US over‑the‑counter market, the Marks & Spencer ADR (MAKSY) has also seen a burst of attention.

According to MarketBeat, trading on Monday (1 December) saw: ^[30]

Volume: about 4.33m shares, a 2,945% jump from the prior session (~142,000 shares)
Price move: last traded around $9.44, up from a prior close of $9.18

The same note summarises US‑focused analyst sentiment on MAKSY as “Moderate Buy”, with one strong‑buy and two hold ratings, and highlights a recently declared $0.0315 dividend for January 16 (record date 1 December, ex‑dividend 28 November). The headline yield figure of 118% clearly reflects depositary ratio mechanics and possibly stale data rather than an economically realistic yield. ^[31]

Valuation, income and balance sheet

Earnings and valuation

Using FY 2025 adjusted EPS of 31.9p and today’s share price around 334p, M&S trades on a trailing P/E of roughly 10–11x – below the mid‑teens multiple implied by Shore Capital’s 705p scenario and modest for a retailer with double‑digit forecast earnings growth. ^[32]

The company has emphasised a strong balance sheet, with net funds (excluding lease liabilities) of about £438m and adjusted return on capital employed of 16.4% in FY 2025. ^[33]

Dividends

Dividends have restarted and are growing from a low base: ^[34]

FY 2025 total dividend: 3.6p, up 20% year on year
Recent payments:
- Final 2.6p (paid 4 July 2025)
- Interim 1.2p declared for payment on 9 January 2026

At the current share price, that puts the historic yield a touch over 1% – modest, but with scope to grow if management continues to raise the payout in line with earnings and cash flow.

Risk radar: what could go wrong?

1. Cybersecurity and operational resilience

The April 2025 cyberattack remains the biggest single risk marker in recent M&S history. Reuters has reported that analysts estimate tens of millions of pounds in lost profit, with the retailer forced to shut off online ordering for clothing and home, rebuild systems and accept higher labour and wastage costs. ^[35]

Dark Reading has confirmed that customer data was stolen, though M&S has said it does not hold usable payment card information or passwords and has no evidence of the data being shared. Nevertheless, experts warned that stolen contact data increases the risk of phishing attempts against customers. ^[36]

This matters for equity holders because cyber incidents can:

Depress short‑term profits (as seen in the halving of interim profit) ^[37]
Force higher ongoing IT and security spend
Potentially damage brand trust if mishandled

M&S management and external analysts have framed the attack as painful but manageable, especially with cyber insurance and a loyal in‑store customer base. The market will be watching closely for any sign of repeat incidents or lingering customer churn.

2. Margin pressure and promotions

Rockbird’s “Momentum Meets Margin Pressure” analysis of Christmas 2025 notes that while shoppers are returning to M&S and sales are robust, profitability is under strain from higher costs, a more promotional grocery landscape and the expense of modernising logistics and technology. ^[38]

Management itself has flagged rising headwinds from taxes and business rates, with over £50m in cost increases in the first half alone, and is leaning on its cost‑reduction programme (targeting £500m in savings by 2027/28) to preserve margins. ^[39]

3. Leadership changes and execution risk

The transformation of M&S has been management‑intensive, and there have been notable leadership moves over 2025:

Clothing & Home boss Richard Price announced his departure earlier in the year. ^[40]
Former Sainsbury’s CEO Justin King stepped down from the M&S board in August, removing a high‑profile retail heavyweight from the non‑executive roster. ^[41]
Separate announcements have covered changes around the CFO role and senior independent director. ^[42]

None of these are red flags on their own, but they underline that the turnaround relies on smooth succession and sustained execution across food, fashion, international and Ocado partnerships.

There has also been insider selling: a recent regulatory disclosure shows Alex Freudmann, Managing Director of Food, sold 36,034 shares at £3.46 (~£124,600) on 1 December, at a time when the 12‑month share price change was about ‑11%. ^[43] Director dealings always attract attention but are not, in isolation, clear sell signals.

How to read Marks & Spencer stock after 3 December 2025

Pulling the threads together:

Near term:
- The cyberattack and resultant profit hit are still weighing on sentiment.
- Technical indicators show the share price pressing against support near the bottom of its recent trading range. ^[44]
- Volatility is elevated around key Christmas trading data and any fresh commentary on cyber costs or digital trading.
Medium term (12 months):
- Major broker platforms broadly agree on “Moderate Buy” / “Buy” labels with 20–30% upside to average target prices in the low‑to‑mid‑400s. ^[45]
- Forecasts assume earnings rebuild through FY 2026–2028 with mid‑single‑digit revenue growth and low‑to‑mid‑teens ROE. ^[46]
Longer term:
- Shore Capital’s 705p “in due course” scenario illustrates what the stock might be worth if M&S can deliver around 47p in EPS and convince the market to pay ~15x earnings for a structurally improved business. That’s closer to a strategic bull case than a base‑case forecast. ^[47]

From a valuation perspective, M&S today looks like a cyclical retailer priced below the market multiple, with restarting dividends, a cleaner balance sheet than in past years, and meaningful execution risk around cyber resilience, logistics, and fashion relevance.

For anyone considering the shares, the key questions are:

Do you believe management can turn the current sales momentum into sustainably higher margins once the cyber disruption and heavy investment period fade?
Are you comfortable with a business where technology and cybersecurity are now as mission‑critical as store layout and product design?