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Asos: Liberum upgrades stock

( - Liberum has upgraded Asos shares from 'sell' to 'hold', while reducing its target price from 500p to 470p, with the risk the UK online fashion specialist making a capital increase having now materialised.

"An £80m equity raise and £275m new debt facility (replacing the existing £350m RCF) may well help to improve flexibility with an extended duration (April 2026) and easier covenants but comes at the cost of 20% dilution and an 11% interest rate", the broker points out.

While a successful execution of the strategy could offer significant upside potential, Liberum believes that the execution risk remains high: "We therefore need more proof points before we turn positive" on the dossier.

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