BUZZ-Marks and Spencer: JPMorgan cuts to "underweight"

** JPMorgan analysts cut Marks and Spencer to "underweight" from "neutral", PT to 307p from 550p

** Shares (Berlin: DI6.BE - news) down 1.5 pct, bottom of the FTSE 100, with a tenth of co's daily avg vols gone through in the first 5 minutes of trade

** Analysts say volume uplifts from price cuts in clothing likely to be materially lower than in the past

** M&S warned of a short-term profit hit from efforts to turn around its clothing biz by cutting prices and improving ranges last week

** Shares down 19 pct since and closed at 2-yr lows on Thursday, having fallen for the sixth-straight day

** JPM sees M&S to cut prices by 2 pct, vs deflation in the clothing market of -6 pct; in comparison they flag in FY07 M&S cut prices by 6 pct vs clothing market deflation of -4 pct

** Also point out that M&S is operating in a significantly more competitive environment, saying in the last 10 yrs value retailers' market share has grown by over 500 bps, and online penetration is up about 15 pctage points

** Analysts cut pretax profit estimates for FY 17 by 14 pct, add they expect pretax profit in FY 17/18 to be flat (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)