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Asos: on the rise, Deutsche Bank initiates a buy recommendation on the stock

( - Atos shares rose on the London Stock Exchange on Tuesday on the back of a note from Deutsche Bank, which initiated its coverage of the stock with a buy recommendation and a price target of 500 pence.

In a study of the UK retail sector, the analyst expressed a preference for Asos, Marks & Spencer and B&M as "specific" and "interesting" stocks.

Deutsche points out that the sector has performed strongly on the stock market this year (+25% since January 1), but is unlikely to repeat this performance in 2024.

Admittedly, the Christmas period should be robust, the intermediary acknowledges, but it is also likely to be the last hurrah of the post-pandemic recovery that has pulled the retail sector along.

For 2024, the analyst says he expects 'anemic' growth, which he believes should not prevent British retailers from generating solid margins and displaying good overall form.

Asos shares gained 1.9% following these comments, but are still down 20% since the start of the year.

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