The best time to buy M&S shares is when the whole market is very weak. One example was last October when macro concerns punished many stocks regardless of their fundamentals.
M&S has had two major bear markets since 2007. The first was back in 2008 when prices dropped from 600p to 200p. The other was 2015-2020, where the stock suffered a 80 percent drop from its 550p high. After each prolonged decline prices rose by 100 percent from the lows.
M&S just had a 12-month-long 60% decline from 250p. A rebound is now underway. A consolidation is not to be ruled out.
For long-term investors, a drop into double-digit levels would be interesting and may be worth buying into – as that puts MKS in a ‘deep value’ territory.