 Analysts at Credit Suisse have downgraded their rating for ASOS PLC LSE:ASC to Neutral from Outperform as they believe the operating initiatives highlighted in the online clothing retailers full-year results are insufficient to drive a material change to ASOS challenges. They noted as well that here is no clarity on the timing and nature of structural change, while inventory levels are far too high, both cyclically and structurally, so the buying model needs to change. 