Boohoo 'attractively valued', says RBC Capital
ASOS
361.40p
14:55 08/11/24
6.29%
21.40p
RBC Capital Markets upgraded its stance on shares of fast-fashion retailer Boohoo on Tuesday to ‘outperform’ from ‘sector perform’ and lifted the price target to 410p from 380p.
Boohoo Group
30.20p
14:49 08/11/24
0.00%
0.00p
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14:55 08/11/24
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General Retailers
4,571.61
14:39 08/11/24
0.42%
19.30
The bank said Boohoo shares are attractively valued, particularly considering the potential for consensus upgrades and the stock's relative underperformance versus Zalando and Asos.
"We also take a more constructive view on long-term margins," RBC said. "The company's steps towards improving its ESG policies are credible and over time, we expect the shares to re-rate to reflect that."
At 0920 BST, the shares were up 3.5% at 299.54p.