(News Bulletin 247) – Berenberg announced on Tuesday that it had raised its recommendation on adidas from ‘hold’ to ‘buy’, with a price target raised from 160 to 180 euros.
In a research note, the financial intermediary recalls that it had downgraded its advice on the title of the sports equipment manufacturer last September due to too many uncertainties and risks weighing on the results.
‘After three profit warnings, profitability and investor confidence have collapsed,’ he said.
“But we believe adidas can shine again by adopting the right strategy, making wise investments and ensuring good execution, a triple occurrence which could manifest itself in 2023”, assures the analyst.
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