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Asos Share News (ASC)
Share News for Asos (ASC)
| Share Price: 3,836.00 | Bid: 3,831.00 | Ask: 3,833.00 | Change: 59.00 (+1.56%) |  | ||||||
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UPDATE 1-Seymour Pierce cuts UK general retail sector
Mon, 21st May 2012 10:35
* Cuts Kingfisher to 'hold' from 'buy', target price to 290p from 340p
* Trims Next ta
* Slashes Home Retail target price to 70p from 95p
(Follows alerts)
May 21 (Reuters) - U.K. retailers are likely to be hurt by a slowdown in orders from European markets and the difficult trading conditions, said Seymour Pierce as it downgraded the general retail sector to 'underweight'.
Seymour downgraded Europe's biggest home improvements retailer, Kingfisher, to 'hold' from 'buy' citing weaker trading in its core markets, including France, UK, China and Poland.
The brokerage also cut its price target on Britain's second-biggest clothing retailer, Next, to 3,000 pence from 3,300 pence, and on the country's biggest household goods retailer, Home Retail, to 70 pence from 95 pence.
European retailers are struggling as disposable incomes are squeezed by rising prices, muted wages growth and government austerity measures, and shoppers fret over the implications of the euro zone debt crisis.
'Internet sales will continue to cannabalise store-based revenues and lead to a general softening in prices. Gross margins are expected to be flat at best in a competitive market and costs are still rising,' analyst Freddie George wrote in a note to clients.
George slashed his earnings outlook for a number of retailers, including Home Retail and Marks and Spencer Group Plc , to reflect a more difficult UK trading environment.
British designer clothing brand Ted Baker, fashion retailers ASOS and SuperGroup, and mother and baby products retailer Mothercare are among those who are likely to see a negative earnings impact from their exposure to Europe, said the analyst.
The European retail sector index was up 0.01 percent at 234.04 points at 0840 GMT on Monday.
(Reporting by Aditi Sharma in Bangalore; Editing by Maju Samuel) Keywords: UKRETAILERS/RESEARCH SEYMOURPIERCE
(Aditi.Sharma1@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 4135 5800; Reuters Messaging: aditi.sharma.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Cuts Kingfisher to 'hold' from 'buy', target price to 290p from 340p
* Trims Next ta
rget price to 3,000p from 3,300p
* Slashes Home Retail target price to 70p from 95p
(Follows alerts)
May 21 (Reuters) - U.K. retailers are likely to be hurt by a slowdown in orders from European markets and the difficult trading conditions, said Seymour Pierce as it downgraded the general retail sector to 'underweight'.
Seymour downgraded Europe's biggest home improvements retailer, Kingfisher, to 'hold' from 'buy' citing weaker trading in its core markets, including France, UK, China and Poland.
The brokerage also cut its price target on Britain's second-biggest clothing retailer, Next, to 3,000 pence from 3,300 pence, and on the country's biggest household goods retailer, Home Retail, to 70 pence from 95 pence.
European retailers are struggling as disposable incomes are squeezed by rising prices, muted wages growth and government austerity measures, and shoppers fret over the implications of the euro zone debt crisis.
'Internet sales will continue to cannabalise store-based revenues and lead to a general softening in prices. Gross margins are expected to be flat at best in a competitive market and costs are still rising,' analyst Freddie George wrote in a note to clients.
George slashed his earnings outlook for a number of retailers, including Home Retail and Marks and Spencer Group Plc , to reflect a more difficult UK trading environment.
British designer clothing brand Ted Baker, fashion retailers ASOS and SuperGroup, and mother and baby products retailer Mothercare are among those who are likely to see a negative earnings impact from their exposure to Europe, said the analyst.
The European retail sector index was up 0.01 percent at 234.04 points at 0840 GMT on Monday.
(Reporting by Aditi Sharma in Bangalore; Editing by Maju Samuel) Keywords: UKRETAILERS/RESEARCH SEYMOURPIERCE
(Aditi.Sharma1@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 4135 5800; Reuters Messaging: aditi.sharma.thomsonreuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
RESEARCH ALERT-Next Plc: Exane BNP Paribas raises price target
Jan 22 (Reuters) -: * Next plc : Exane BNP Paribas raises price target by 8 percent to 4000p * Asos plc : Exane BNP Paribas ra[22 Jan '13]
RESEARCH ALERT-Asos: SocGen raises target price
Jan 18 (Reuters) - ASOS PLC: * SocGen raises target price to 2850p from 2530p; rating hold For a summary of rating actions and p[18 Jan '13]
RESEARCH ALERT-Asos: Canaccord Genuity raises target price
Jan 17 (Reuters) - ASOS PLC: * Canaccord Genuity raises target price to 2400p from 2200p; rating hold For a summary of rating ac[17 Jan '13]
RESEARCH ALERT-Asos: Seymour Pierce raises price target
Jan 17 (Reuters) - ASOS PLC: * Seymour pierce raises price target to 2500p from 2350p For a summary of rating actions and price[17 Jan '13]
Hedge funds bet British retailers' troubles will deepen
By Tommy Wilkes LONDON, Jan 16 (Reuters) - Hedge funds are betting that a prolonged consumer squeeze and a further shift to online shopping[16 Jan '13]
RESEARCH ALERT-Moneysupermarket.com: Jefferies starts with a hold rating
Jan 8 (Reuters) - * Moneysupermarket.com Group Plc : Jefferies starts with a hold rating; price target 150p * Asos Plc :[8 Jan '13]
RESEARCH ALERT-Asos: Panmure raises price target
Jan 2 (Reuters) - ASOS PLC: * Panmure raises price target to 3050p from 2875p; rating buy For a summary of rating actions and price t[2 Jan '13]
RESEARCH ALERT-ASOS: HSBC raises target price
Dec 12 (Reuters) - ASOS: * HSBC raises target price to 2750p From 2590p; rating neutral For a summary of rating actions and price tar[12 Dec '12]
