ASC17 Sep 2012 14:36
Following a meeting with ASOS, partly to discuss new forecasts following the change in accounting date from March to August, analysts at Seymour Pierce came back reassured that earnings momentum is unlikely to slow and that there remains a wealth of opportunity to drive sales. They could not, however, identify a catalyst for a re-rating of the stock, which is valued at 39.5 times its fiscal year 2013 fully diluted earnings.
Nevertheless, Seymour Pierce is confident that the company can achieve its longer term target of £1bn of sales, and because of this has decided to maintain its hold recommendation, while at the same time upgrading its price target from 1,600p to 1,900p, toward the upper end of the recent trading range