Asos: Berenberg reduces target price
(CercleFinance.com) - On Tuesday Berenberg lowered its target price for Asos shares from 1,000p to 940p, while renewing its buy rating on the stock.
In its comments, the analyst points out that a fortnight ago the British online clothing specialist announced that it had signed a new £275m credit facility, accompanied by a £75m share placement.
The broker says that this new form of financing "should provide ASOS with greater flexibility and enable it to focus on the continued delivery of its Driving Change agenda".
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