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Deutsche Bank says ASOS PLC (LSE:ASC) has “regained its mojo” after four years of restructuring, with the online fashion retailer showing early signs of a return to growth. The broker reiterated its Buy rating and 375p price target, implying meaningful upside from the last closing price of 250p.

ASOS Plc (ASOMY) Q2 2026 Earnings Call Transcript

Shares in ASOS PLC (LSE:ASC) climbed over 9% to 245.88p, a six-week high, as the online clothing retailer reported improving profitability in the first half. Gross margins expanded more than three percentage points to around 48.5%, enabling adjusted EBITDA to increase 51% to £64 million.

ASOS said on Thursday ​that it ‌has begun seeking refunds for ​U.S. ​tariffs paid during the ⁠first half ​of the ​year, as the British fashion retailer ​pursues a ​margin-focused turnaround plan to ‌revive ⁠demand.

After ASOS PLC (LSE:ASC) last week reported improving first-half profitability, broker Shore Capital said the near-50% rise in underlying profit underpins full-year forecasts as the online fashion retailer continues its turnaround. The broker said trading is “developing in the right direction”, with gross merchandise value declines easing to 9% and sequential improvements through the half.