Asos falls out of vogue: Shares crash to 17-year low after main downgrade within the City
Asos shares crashed to a 17-year low after a major downgrade in the City.
The stock fell 4 per cent, or 10p, to 240p after Exane BNP Paribas analyst Mia Strauss cut her rating to ‘underperform’ from ‘neutral’. She also slashed her target price for the fashion retailer’s shares by 20 per cent to 200p.
The shares are at their lowest since 2008, down 44.7 per cent so far this year.
The FTSE 100 rose 0.6 per cent, or 47.96 points, to 8680.29 and the FTSE 250 added 0.2 per cent, or 32.32 points, to 20027.91.
Oil climbed after the US vowed to keep attacking Yemen’s Houthis until the Iran-backed group stops attacking ships in the Red Sea. Brent crude rose more than 1pc to $72 a barrel.
Insurer Phoenix Group rose 10.7 per cent, or 56p, to 580p after posting better-than-expected profits of £825million for 2024.
Dumped: Asos stock fell 4% after Exane BNP Paribas analyst Mia Strauss cut her rating to ‘underperform’ from ‘neutral’
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