BofA Analysts Are Turning Bullish on European Online Retailers
- Asos, Boohoo and Zalando all upgraded to buy by analysts
- Broker sees no growth in 2023, but says market knows this
Shares in Asos soared as much as 12% after the recommendation change, while Zalando advanced 4.7%.
Photographer: Alex Kraus/BloombergThis article is for subscribers only.
Bank of America Corp. has turned bullish on Europe’s battered online shopping companies — even if it sees little or no growth for the sector this year.
Shares in many of these companies endured a brutal 2022, as Covid-time lockdowns ended and inflation surged. Now, BofA analysts including Geoffroy de Mendez and Ashley Wallace reckon the sector offers upside, having been cautious on it for the past 18 months.