MARKET TALK: UBS Raises ASOS Price Target

15th Jul 2010 07:40

0640 GMT [Dow Jones] UBS raises ASOS (ASC.LN) price target to 960p from 750p as it lifts its earnings forecasts to reflect increased confidence in ASOS's international growth prospects. Notes a stronger than expected start to FY '11, with sales growth up in response to higher stock levels and an increased number of product lines. Raises '11 EPS estimate to 27p from 26.7p and '12 EPS estimate to 35.3p from 33.2p. "Fundamentally, we believe ASOS is a strong business and that it is capable of delivering exceptional growth, justifying its premium to the sector." However, reckons the stock is fully valued. Keeps at neutral. Shares closed Wednesday at 949p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 15, 2010 02:40 ET (06:40 GMT)