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ASOS – Still a sell – target c£23

Tom Winnifrith
Saturday 7 June 2014

ASOS (ASC) got off lightly with its profits warning yesterday but as its PR and IR machine cranks up do not be tempted to bottom fish at £33 – this stock £70 not that long ago ) is heading lower still. £23 looks about right as an initial share price target.

Normally if a company says it will miss earnings forecasts by 20% its shares fall by 40%. That is a stockmarket rule of thumb, care of Mark Slater. ASOS suffered a fall of just 28%. But what next?

Firstly

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About Tom Winnifrith
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Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
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