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Brokers note - Asos

KBC Peel Hunt has re-iterated its 'Buy' stance on Asos following its strong trading update for the first half.

CITY & CORPORATE

Brokers note - Asos

KBC Peel Hunt has re-iterated its 'Buy' stance on Asos following its strong trading update for the first half.

The broker says the group achieved strong sales in the UK, with an increase of 35%, and impressive international growth, with sales up 110% in H1. Although KBC Peel Hunt believes Asos has limited potential for outperformance in the current financial year, it suggests there is scope for further upgrades in future periods.

The broker states that Asos remains one of the few genuine retail growth retailers and re-iterates its ‘Buy’ recommendation and keeps its price target of 400p unchanged. This compares with an underlying share price of 352.5p following the 3% fall in early trading today (September 30).

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