0655 GMT - ASOS's 1H performance shows that the online fashion retailer is making significant progress with its turnaround strategy and is getting set for growth in the 4Q, Berenberg analysts say in a note. The group's inventory reduction target is ahead of plans and strategic advances are boosting the organization's operational agility and potentially leading to higher profitability levels, they say. Looking ahead, Berenberg continues to see fiscal 2025 adjusted Ebitda margin of around 6% as the clearance of aged stock is expected to deliver significantly improved margins, the analysts add. "We continue to be encouraged by signs of strategic momentum," they say. Berenberg has a buy rating on the stock and a target price of 490 pence. (michael.susin@wsj.com)
(END) Dow Jones Newswires
April 17, 2024 02:55 ET (06:55 GMT)
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