M&S is the 'next Next', claims UBS Next shares have surged more than 230pc over the past five years, far outstripping the 28pc gain in M&S shares. The market cap of Next has grown to almost £10bn, surpassing M&S at £7.6bn. However, the UBS analysts now expect an M&S recovery. "Having seen a number of general merchandise gross margin disappointments over the last few years, there are now signs that M&S is making headway in an area which provides significant opportunities over the next several years," Andrew Hughes and Adam Cochrane said in a note to clients. M&S [has shown] a mid single digit improvement in full price womenswear sales in the first half. While we do not know the absolute level, our best guess is that it is around 70pc, compared with circa 92pc at Next. This suggests a multi-year potential benefit. The recommended buying M&S shares, helping to send them up 5.2pc to 467p.