Asos: shares rise after BofA double upgrade
(CercleFinance.com) - Shares in Asos rose nearly 2% on Tuesday, helped by a double-upgrade for the online fashion retailer from Bank of America.
BofA cited five reasons for moving the stock directly to "buy" from "underperform," saying that the British platform could in particular benefit from reopening for the "going-out" category.
The brokerage also said the consensus is too low, while the Arcadia acquisition should support growth/margins and finally the share's valuation is undemanding at current levels. It has raised its target price from 4,000 pence to 5,800 pence.
Asos are up 1.9% in afternoon trading. They have risen by almost 8% year-to-date.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
BofA cited five reasons for moving the stock directly to "buy" from "underperform," saying that the British platform could in particular benefit from reopening for the "going-out" category.
The brokerage also said the consensus is too low, while the Arcadia acquisition should support growth/margins and finally the share's valuation is undemanding at current levels. It has raised its target price from 4,000 pence to 5,800 pence.
Asos are up 1.9% in afternoon trading. They have risen by almost 8% year-to-date.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.