MARKET TALK: Panmure Downgrades ASOS To Hold From Buy

30th Jun 2010 10:21

0921 GMT [Dow Jones] Panmure Gordon raises ASOS (ASC.LN) price target to 875p from 790p "on the basis that we now see a PEG of 1.0x as a fair expectation (previously 0.95x)." Says the new target implies around 3% upside to Tuesday's mid-close and therefore the brokerage downgrades the stock to hold from buy. Continues to see ASOS as a world class player in one of the fastest growing retail subsectors and says this is reflected in share price outperformance relative to the sector. Shares +1.4% at 863p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 30, 2010 05:21 ET (09:21 GMT)