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Brokers note - ASOS

Singer Capital Markets has reiterated its ‘Buy’ recommendation on ASOS following its interim results.

CITY & CORPORATE

Brokers note - ASOS

Singer Capital Markets has reiterated its ‘Buy’ recommendation on ASOS following its interim results.

The broker says H1 pre-tax profits came in slightly ahead of expectations and in the first seven weeks of H2 sales are also running ahead of assumptions. But given the lack of an upgrade the market continues to fret about a slowdown in the growth rates at the company’s core UK division.

However, Singer points to the strong early growth in the group’s international markets and highlights that this will ultimately be the source of future profit growth. The broker therefore maintains its ‘Buy’ recommendation on ASOS and keeps its target price at 425p, which compares with an underlying share price of 413.25p.

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