Asos: Berenberg cuts target price

(CercleFinance.com) - On Wednesday Berenberg lowered its target price for Asos shares from 2,500 pence to 1,800 pence, while maintaining its buy rating on the stock.


In a report published in the morning, the broker argues that the latest indicators suggest that the online clothing retailer's business has slowed down this summer.

In light of the current difficulties facing consumers, Berenberg believes it is wise to reduce its earnings estimates for 2022, 2023 and 2024.

While it expects the UK group to end the year with positive net debt, the analyst believes its cash position remains "strong".



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