Boohoo Group PLC still has some supporters as Deutsche Bank repeats

German broker Deutsche Bank has kept faith and reiterated its buy recommendation on Boohoo Group PLC (AIM:BOO), adding that the reasons behind yesterday’s profit warning might only be temporary.

Shares in the online fashion retailer tumbled as it rolled out a list of problems from poorer international sales, higher costs associated with freight and shipping and more customers returning items.

But the share price fall was such that there might be some value in Boohoo now, said analysts.

For that reason, it kept its ‘buy’ stance even though the bank cut its forecast for underlying profits [EBITDA] for the next two financial years by roughly 35%.

The target priced is also slashed to 230p from 370p.

Shares today were down another 4% at 101.8p compared to 369p a little under a year ago.