The figures were pleasing from the high street giant and Marc Bolland’s outlook was confident, as Jefferies noted.
“We believe M&S is still fundamentally in the early stages of a multi-year recovery,” said the broker, which raised its share target price by 35p to 660p
Barclays joined in and scrapped its ‘underweight’ rating on M&S and lifted its target price by a hefty 210p to 600p.
Share in M&S were changing hands for 587p apiece at the time of writing.
However, the broker did knock 50p off is 1900p share price target.
“We like Burberry's leadership in digital, outwear and scarves,” RBC said.
“But 2016 is shaping up to be another year of pedestrian earnings growth for Burberry, which should put a lid on the shares.”
However, it noted said it had experienced a membership slide due to increased competition from new rival OnTheMarket.com.
The broker added 50p onto its original 1050p target price for Hargreaves shares.