MARKET TALK: UBS Raises ASOS Price Target

11th Jun 2010 08:51

0751 GMT [Dow Jones] UBS raises ASOS (ASC.LN) price target to 750p from 630p following the company's strong preliminary results. Says the better growth reflects stronger buying with 64% more products, as ASOS starts FY '11 with a more positive outlook on consumer spending for its target customer group. Raises '11 EPS estimate to 26.7p from 25.3p and '12 EPS estimate to 33.2p from 31.1p. Says ASOS demonstrates that the structural shift online and demand for fast fashion remain more powerful business drivers than the general state of the UK economy. Keeps the stock at neutral. Shares +2% at 729p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 11, 2010 03:51 ET (07:51 GMT)