RBC Capital markets has raised its sales forecasts and increased its target price for online fashion flogger ASOS plc (LON:ASC).
The broker expects ASOS to deliver another solid quarter of sales growth, and is forecasting sales will be up 27% year-on-year on a constant currency basis.
READ: ASOS profits up 145%, online retailer bullish on the outlook for current year
“We are confident ASOS can sustain high levels of sales and earnings growth thanks to its large addressable market, deep competitive moats and ongoing innovation,” RBC said as it reiterated its ‘outperform’ rating.
The price target has been lifted to 7,400p from 6,900p.
Shares in ASOS were up 1.5% at 6,544p.