Asos: stock falls after RBC downgrade
(CercleFinance.com) - Asos shares were one of the biggest fallers on London's FTSE 250 index on Friday on, hurt by a rating downgrade by RBC.
Analysts downgraded the stock from outperform to neutral, slicing their target price for it in half, from 2,000p to 1,000p.
In a report, RBC said that it is concerned that the competitive advantage that the online clothing group had previously enjoyed over traditional retailers was being eroded.
At around 1pm (London time), the stock was down almost 5%, hitting a new all-time low.
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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.
Analysts downgraded the stock from outperform to neutral, slicing their target price for it in half, from 2,000p to 1,000p.
In a report, RBC said that it is concerned that the competitive advantage that the online clothing group had previously enjoyed over traditional retailers was being eroded.
At around 1pm (London time), the stock was down almost 5%, hitting a new all-time low.
Copyright (c) 2022 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.