Boohoo downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded Boohoo to Sell from Neutral with a price target of 29 GBp, down from 37 GBp. Warmer European weather patterns in September drove weakness in apparel sales momentum, which continues to have an adverse impact on October trading as consumers defer purchasing autumn/winter collections and Boohoo constant currency sales trends remain in double digit decline, the analyst said. Underperformance versus the U.K. apparel market and versus the U.K. apparel online channel “remains a concern,” though the current strategy to invest lower input costs into faster lead times and lower price points “should help,” the analyst added.