It has initiated coverage of the retailer's stock with an ‘overweight’ recommendation, which puts it in the minority of City scribes.
According to the Bloomerg newswire, there are twice as many sell-side analysts with negative recommendations than there are those holding positive views.
The bullish stance and 410p a share price target was predicated on Marks’ move further into food and the shift away from clothing.
This, analysts at the investment bank said, was ‘increasingly relevant’ to the M&S story.
The shares, down 17% in the last year, advanced 2.5% to 361p in the wake of Barclays coverage initiation.
On Thursday Marks unveiled plans to open 34 new food stores and two clothing, home and food stores in the next six months as part of its five-year programme to improve its UK store estate.
M&S said it is also consulting over the proposed closure of four outlets - in Portsmouth, Slough, Warrington, and Wokingham, as well as two Simply Food stores in Monks Cross and Worksop.
The group currently has 959 UK shops: 304 full line stores, 615 food-only stores and 40 outlets.