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My Boohoo ploy worked this morning on ASOS, Another nice 10% profit. It would be nice if everything was this easy!
As i don't think broker notes like that from a known bearish previous perspective can cause a near 6% drop pre open, there were no world issues or big drop by boohoo and the ftse opened near flat, something has spooked the market to lead to an extended auction- I maybe wrong but just playing it on the safe side and may still enter prior to results.
I was really looking at building a nice position prior to results as last time the market did 40% in matter of just over a week on ok results. I did expect results to be better than expected and ASOS to be a good recovery share this year just don't like the drop, usually a reason and IIS know before PIs - a bit like NMC the other week when it opened down and went down further, horrible rns after hours....
Why do you think that wasn't the reason gggg21?
Yeh saw that broker note but that isn't the reason wouldn't have that much of an affect. There was a reason for the horrible open and I think sub 3000 will be tested. Look to see if any news later today or tomorrow morning before taking a position. May leave it to looking at results and if ok buying first thing on Thursday to leave to ride for a while
I made a killing on Boohoo by buying on the run up to their trading update, so I thought it was worth chancing my arm here too, and have bought today.
Hmmmm. Morgan Stanley are always gloomy about Asos. And they could be right. But there isn’t much selling going on. There is always though traders driving the share down before trading results. Thursday will see.
Growth forecasts for ASOS PLC (LON:ASC) are “still much too high” according to Morgan Stanley, which downgraded the clothing retailer to ‘underweight’ from ‘equal weight’ and cut its target price to 2,000p from 2,100p on Monday.
The US investment bank said despite a “very challenging” 2018/19 for the company, where it delivered only a quarter of the earnings expected by consensus forecasts, the market was not predicting that margins will “recover rapidly” and earnings for the 2021/22 financial year will be art all time highs.
READ: ASOS no longer a ‘sell’ for ShoreCap over festive gifting hunch
“We believe it is wrong to view ASOS as a 'recovery' story”, the bank said, adding that the falling top-line growth was “entirely consistent with longer-term trends and are due principally to two structural headwinds that the company has been facing for several years: rising returns rates and slowing growth in the online clothing market”.
Analysts added that they believed that a recent run in the share price over the last six months, which has seen the stock rise 47% to a closing price last Friday of 3,190p, was “unjustified”.
However, despite their downgrade, the bank said its thesis was based on the firm falling below consensus over the next few years and that it was not “making a ‘call’” for the company’s trading update on Thursday.
Shares in ASOS were down 4.1% at 3,060.5p in mid-morning trading on Monday.
Its down this morning because of this:
ASOS PLC ASOS.L: MORGAN STANLEY ASSUMES COVERAGE WITH UNDERWEIGHT RATING AND PRICE TARGET OF 2000P
Yes Nikos I get all that hence why I am wanting to get in but I am nervous and wondered why there was an extended auction on open until 8.05 and opened 5.8% down at 3007 that would signal large activity prior to open and possible leak or large sell which was why I wondered if anyone knew why. I remember that bookbuild rns after hours last year so will not touch asos today at all and look in tomorrow.
4000 target, 31% upside from now, black Friday great results, Christmas great results, no warehouse issues, this is great share to buy now. Price is low today as general market is low today, so opportunity today to grab it cheap