Boohoo (LON: BOO) shares fell over 2% during Friday’s session, but analysts at Panmure Gordon and HSBC have turned bullish on the stock…

This week, Boohoo reported heavy losses, but its positive balance sheet and upbeat outlook provided some positives for investors and resulted in its share price climbing in the immediate aftermath.

Panmure Gordon analyst Tony Shiret upgraded Boohoo to Buy from Hold, raising the firm’s price target on the stock to 70p from 60p in a note Friday.

He told investors that BOO’s results provided evidence of “control and stabilization.”

Meanwhile, HSBC analyst Paul Rossington lifted Boohoo to Buy from Hold, increasing the price target to 60p, up from 45p.

Rossington told investors that the company is “turning the corner,” while he also believes Boohoo has made positive progress on inventories and is leaving fiscal 2023 “with a clean stock position.”

Our View: We can certainly see why analysts are turning more bullish on the stock…

However, demand trends, including web visits and Google Search trends, are still on the slide and consumer sentiment leans negative. As a result, we continue to remain cautious on the stock and hold a Neutral view.

By Sam Boughedda