Barclays Capital has upgraded its recommendation for online fashion retailer Boohoo.com (LON:BOO) to 'overweight' (from 'equal weight') in light of the company's first half results, which showed continuing momentum.
It explained: "Since initiating in March, it has been clear to us that Boohoo has a competitive advantage in its supply chain and ecommerce only model that will yield share gains for many years to come, but we haven't been able to get comfortable enough on forecasts to find the valuation appealing. This has changed."
Price target raised to 265 pence a share (from 220 pence), which analysts said was based on their increased confidence in current trading.
At 3:11pm: (LON:BOO) Boohoo.com Plc share price was +11.63p at 241.13p