first_imgSimply click below to discover how you can take advantage of this. Enter Your Email Address Image source: Getty Images. ASOS‘s (LSE: ASC) share price has enjoyed a spectacular run over the last few months. Since mid-March, when ASOS shares briefly fell below 1,000p, they’ve surged back up to 3,400p. That represents a gain of 240%.Can ASOS’s share price continue to move higher? Plenty of analysts believe it can. In fact, some of them believe the stock can move considerably higher.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…ASOS share price: 5,000p target priceIn the last week, two major brokerage houses have increased their target prices for ASOS shares.On Thursday, analysts at Credit Suisse lifted their target price from 3,600p to 4,100p. And then on Friday, analysts at Peel Hunt increased their target price from 3,000p to 5,000p.It’s the latter broker target price upgrade that stands out to me. Not only is it an increase of a huge 67% (which you don’t see that often), but it’s also nearly 50% higher than the current share price. Clearly, Peel Hunt analysts are bullish on ASOS shares.Now, I don’t have access to any research notes from Peel Hunt, so I can’t tell you the exact reason they expect ASOS shares to keep rising. However, I can think of a key reason why they’re so bullish right now.Online shopping is boomingIn the wake of the coronavirus, we’re seeing a real acceleration in the shift towards e-commerce.Indeed, according to analysts at Bernstein, the growth rate of online fashion looks set to triple this year to account for 23% of European fashion sales. Before the coronavirus pandemic, this level of online sales was not expected until 2024.“The sudden closure of all apparel retail stores across all major global markets has shaken up the channel mix in an unprecedented way this year,” said Bernstein analyst Aneesha Sherman recently. “Five years’ worth of growth achieved in about six months,” she added. This surge in online shopping is reflected in the trading updates issued by some of ASOS’s major competitors recently.For example, last week, Europe’s largest online fashion retailer, Zalando, said it was expecting a big increase in second-quarter sales and operating profit.Meanwhile, UK rival Boohoo advised last week that it would top market expectations for profits and sales again this year after first-quarter results showed revenue growth of 45%.Looking ahead, online fashion sales as a percentage of total fashion sales is likely to continue increasing. Bernstein analysts believe that by 2030, online fashion sales could rise to nearly 40% of fashion sales.This means well-established online retailers such as ASOS are well-placed for growth.I’m bullish on ASOS shares Personally, I’m pretty bullish on ASOS shares myself. Okay, I’ll admit the valuation on the stock is high. Currently, ASOS shares trade on a forward-looking P/E ratio of around 65. That does add risk to the investment case. However, I see big potential here in the long run. My belief is that in a few years’ time, ASOS’s share price will be much higher than it is today, thanks to the relentless growth of e-commerce. “This Stock Could Be Like Buying Amazon in 1997” I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool. Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! Edward Sheldon owns shares in ASOS and Boohoo. The Motley Fool UK owns shares of and has recommended ASOS. The Motley Fool UK has recommended boohoo group. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.center_img Edward Sheldon, CFA | Tuesday, 23rd June, 2020 | More on: ASC I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. ASOS share price: can it keep rising? Our 6 ‘Best Buys Now’ Shares Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. See all posts by Edward Sheldon, CFAlast_img

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