ASOS shares surged 6.9% on Wednesday 11 November 2026, closing at 466p and finishing as the biggest riser on the FTSE 250, after broker Investec upgraded the online fashion retailer to 'buy' and raised its price target. The shares gained 30p on the day, reversing recent weakness and underlining how quickly sentiment towards the retailer's turnaround is shifting.

Investec moved its rating on ASOS to 'buy' from 'hold' and lifted its price target to 560p from 500p, describing the company as now "a more investable story", according to Sharecast. The upgrade was the clear catalyst for the move, with the shares topping the FTSE 250 risers board ahead of Watches of Switzerland, up 5.79%, and Volex, up 5.19%.

FTSE 250 rises as ASOS leads the way

The wider mid-cap index also finished higher. The FTSE 250 closed up 0.72% at 24,925.04, while the FTSE 100 rose 0.78% to 10,835.47, helped by a rebound in technology shares and higher oil prices. ASOS, which is listed on the FTSE 250 rather than the blue-chip index, stood out even in a broadly positive session.

The gain still leaves the shares below their 52-week high of 515p, reached on 2 October, but it extends a strong recovery from the lows of the spring, when the stock traded as low as 206.5p in April. On a longer view, the shares are up by more than 100% over the past year, although they remain far below the levels seen during the online retail boom.

Turnaround gathering pace after return to profit

The upgrade comes less than a week after ASOS reported a return to annual profit. Results published on 5 November showed the group swung to a pre-tax profit of £24.4 million in the year to 30 August 2026, compared with a loss of £281.6 million a year earlier. Adjusted earnings before interest, tax, depreciation and amortisation rose 39% to £170.3 million, while gross merchandise value fell 5% to £2.35 billion and adjusted like-for-like revenue declined 9% to £2.24 billion.

Importantly for investors, gross merchandise value returned to growth in the final quarter of the year, the first quarterly increase since 2022, and chief executive José Antonio Ramos Calamonte said the turnaround was now "on track". For the current financial year, ASOS is guiding to adjusted EBITDA of between £180 million and £200 million and low single-digit growth in gross merchandise value.

Cyber incident disruption now fading

ASOS has also been working through the fallout from a cyber incident on 6 October, when an unauthorised notification headed "Asos hacked" was sent to customers through the company's own app. The retailer's investigation has since concluded that no payment information or account passwords were affected, although basic customer details were accessed.

The company estimated the incident cost between 2% and 4% of group gross merchandise value, roughly £4 million to £8 million in lost sales, after it paused some marketing activity as a precaution. Ramos Calamonte said the effect on sales had already "dissipated" in early November, and trading in the first eight weeks of the current year was broadly flat year on year.

Investec's upgrade suggests the broker believes the recovery story now outweighs those recent disruptions. With a 560p target, the broker is signalling further upside of about 20% from Wednesday's 466p close, if its more optimistic view of the turnaround proves correct.

What to watch next for ASOS

Investors will now look to Christmas trading, traditionally the most important period for fashion retailers, and to whether the return to growth in gross merchandise value can be sustained into the new year. The company has 16.5 million active customers, up around 1% year on year, and says its priority is to deepen its relationship with shoppers rather than chase sales at any cost.

For now, Wednesday's jump shows that broker upgrades can still move the shares sharply, particularly after a period in which cyber disruption and a difficult consumer backdrop had kept sentiment fragile.

Frequently asked questions

Why did ASOS shares rise today? ASOS shares rose 6.9% to 466p on Wednesday 11 November 2026 after Investec upgraded the stock to 'buy' from 'hold' and raised its price target to 560p from 500p.

What is Investec's new price target for ASOS? Investec raised its ASOS price target to 560p, up from 500p, implying about 20% upside from the 466p closing price.

Is ASOS profitable again? Yes. ASOS reported a pre-tax profit of £24.4 million for the year to 30 August 2026, against a £281.6 million loss the year before, with adjusted EBITDA up 39% to £170.3 million.