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BUZZ-Marks & Spencer: CS cuts, says crunch time for Food

** Credit Suisse downgrades Britain's Marks & Spencer to "underperform" from "neutral"

** In Feb, M&S and Ocado announced an online food joint venture that would allow M&S to sell its full range of food online for the first time, by replacing Waitrose on Ocado platform in September 2020

** CS says M&S's response to fragmentation and loss of market share for Clothing & Home is to try to double market share of Food and make it a full shop, hence the Ocado JV

** However, says this is coming at a time of increasing competition for its core offer and sees long-term pressure on LFL sales and margins

** Says JV is a direct threat to Waitrose, which will be competing hard to convert customers from Ocado to its own online offer

** CS lowers EPS forecasts by 16% and 27% for next two years with risks to downside, also reduce its target price to 250p from 315p

(Reporting By Geetha Panchaksharam)