<strong>MARKS & SPENCER</strong><br />After reviewing the autumn merchandise and its own forecasts, Investec raised its full-year 2010 pre-tax profit estimate for Marks & Spencer to £530m, from £475m, based on stronger gross margin progress than in previous guidance. However, the broker believes that some of the margin recovery booked in 2009/10 will make 2010/11 progress harder, and so its full-year upgrade for 2011 is only two per cent. It has a “hold” rating on the stock.<br /><br /><strong>ABCAM</strong><br />KBC Peel Hunt said that antibody supplier Abcam has seen strong growth the US and Asia, which are up 24 per cent and 50 per cent respectively. The broker added that trading for full-year 2010 has “begun well”, which is relatively upbeat for Abcam, and that a strong balance sheet will provide opportunity to expand the product offering. It sees few downsides to the current share price and retains a “buy” rating with a 825p target price.<br /><br /><strong>CADBURY</strong><br />Following Kraft’s bid for Cadbury, JP Morgan reiterated its “neutral” stance but increased its price target to 820p, from 610p. The broker said that it does not expect other bidders to emerge, but that it believes that Kraft has flexibility to increase its 745p bid and has plenty of strategic reasons to want to buy Cadbury. It expects the bid to be increased and sees 820p as the base case, or the “deal-making valuation”.