Marks and Spencer Group PLC shares rose 2.3% to 424p as brokers gave mixed verdicts on its first-half results.
Analysts agreed that food and Ocado Retail performed strongly, but they disagreed about how quickly the clothing business can recover.
Peel Hunt was the most cautious, keeping its hold rating and 360p target price.
It said adjusted pre-tax profit of £403 million was slightly below its £411 million forecast, and saw little reason for the shares to "chase higher" despite better October trading.
Deutsche Bank was more upbeat, noting that profit beat its own £392 million forecast and was broadly in line with consensus of £401 million.
The German bank had expected a small positive share price reaction, as food and Ocado outweighed weaker clothing margins.
Shore Capital was the most bullish, highlighting food sales growth of 14%.
It kept its £925 million full-year profit forecast and its longer-term valuation of 750p a share.
The split centres on Fashion, Home & Beauty, where first-half margins were 7.5%, against 12% two years ago.
Peel sees that recovery as unfinished. Deutsche expects improving stock availability and second-half cost savings to lift profitability.
Shore Capital sees substantial upside if margins move back towards the company's target of more than 10%.
All three praised the food business.
But with no upgrade to full-year profit guidance, brokers see little to drive the shares sharply higher in the near term.
