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Jan 10 2022, 07:15 GMT
ASOS (ASC), the veteran UK fast fashion retailer, has been impacted by the wide-ranging supply chain challenges undermining the broader sector. That challenge was seemingly exacerbated by losing both the Chair and the CEO in quick succession. We reduce our estimates, resulting in cuts to FY22E and FY23E EPS of -49% and -41% respectively. We retain our ‘Neutral’ rating and, given the conservative valuation approach taken at initiation, we nudge our price target down to 2400p.