Short, but been resilient! 1 Jun 2010 19:48
“Predictions from the Office for National Statistics (ONS) that the number of UK teenagers will fall by 9% to 4.9 million by 2017 do not bode well for ASOS (ASC), in FinnCap's opinion, with the broker repeating its 'sell' stance and 550p target. Although the online clothier has plans to expand abroad, the broker does not expect the firm to be able to repeat the 'first-mover' trick that it had in the UK, given that online shopping is already developed in the target markets. With the firm facing a number of competitors and a significant reduction in market size on the horizon, FinnCap views the current PE of 26.4 as far too rich. The shares moved back 13.5p to 668p.”