Broker tips: TUI Travel, Michael Page, ASOS

5th Dec 2011 10:45

Despite hitting an intraday high of 185.57p in the opening minutes, gains for TUI Travel have been pared in morning trade. Evolution Securities has released its analysis of the travel company's full-year results, in which it maintained its sell rating.Evolution analyst James Hollins said: "Looking beyond the headlines to the outlook and we see a very different story of bookings slowing since its last statement. With a tough consumer outlook and a desperate need for radical changes to its operating model in core territories, we retain our sell recommendation and regard the recent shares rally as a false dawn."The target price stays at 150p.Investec has maintained its buy rating on recruitment firm Michael Page International, despite the group confirming a slow-down in profit growth across the board."We will clearly be reducing our forecasts to reflect the slowdown reported today in the update," said analyst Robert Morton. The target price is scaled back from 450p to 400p."Whilst the shares will clearly be impacted this morning by the downgrade - and will remain volatile in the short term - we believe that medium-term recovery prospects remain intact and that the group in due course will be a significant beneficiary of any longer-term recovery in the global economy," Morton said.Peel Hunt has upgraded its rating for ASOS from hold to buy, saying that the recent share price weakness provides a "rare buying opportunity for a leading global online growth retailer.""The UK market is far from mature, while international growth potential looks as strong as ever, before we take account of future own-language sites for key markets such as China," said analyst John Stevenson.The broker says that the shares are trading at 24 times 2013 (end-March) earnings and offering three-year compound earnings per share growth of 49% until 2015, which represents a "marked discount" to international online peers and the Peel Hunt Online B2C Index.The target price stays at 1,900p.BC