Brokers note - ASOS
KBC Peel Hunt has downgraded its recommendation on ASOS following its preliminary results today (June 29).The broker has moved its rating from 'Buy' to 'Hold' despit e ASOS announcing record sales and profits for the year and stating that current trading it ahead by over 50%. However, the news looks to be insufficient to warrant market upgrades to next year's numbers.
This led KBC Peel Hunt to suggest that it may be time to pause for breath with the company and as such downgraded its recommendation. Shares in ASOS retreated by 4% in early trading today to 365p.
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