BUZZ-Marks and Spencer: Brokers cut ratings after turnaround plan

** Retailer Marks and Spencer's shares down 0.9 pct, vs a marginally higher FTSE, as brokerages cut ratings, PTs (Other OTC: PTSH - news) on stock a day after CEO Rowe unveiled turnaround plan

** Jefferies, Exane BNP Paribas cut rating to "underperform", at least five other brokerages cut PT

** Shares (Berlin: DI6.BE - news) fell 10.2 pct on Wednesday when co's CEO warned of a short-term profit hit as it attempts to revive its clothing business

** "We believe the cost of achieving this, combined with macro and competitive headwinds, renders M&S unappealing for now," Jefferies analysts write

** Goldman Sachs (NYSE: GS-PB - news) analysts reiterate "sell" rating, cut PT to 350p from 380p, citing stalled earnings outlook stemming from persisting declines in store-based LFL

** A third of co's 30-day avg vols gone through in the first half-hour of trade; stock underperforming a 0.2 pct rise in the Stoxx 600 Retail Index (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)