Wednesday January 7th 2009

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The city view - ASOS

Industry-beating sales growth for the first half from ASOS led Altium Securities to re-iterate its 'Buy' recommendation.

The broker continues to believe ASOS is in a strong position to benefit from over-capacity in the retail sector and from its model that is free from the crippling legacy costs that hinder other retailers.

Although Altium acknowledges that ASOS looks expensive compared to the rest of the sector it suggests average benchmarks do not provide useful valuation guidelines. It retains its target price of 432p, which compares with an underlying share price of 275p following the 7% uplift in early trading today (November 17).

Tagged as: asos | city view

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