(News Bulletin 247) – Stifel confirms its ‘buy’ recommendation on Puma with an adjusted target price of 82 to 80 euros, the day after the publication of annual results that the market punished by a drop of nearly 7% in the stock market title.
The broker points out that the German sporting goods supplier reported a contraction of 420 basis points in its gross margin in the last quarter, as well as cautious 2023 objectives (as always at the start of the year according to him) .
Stifel nevertheless expects ‘gross margin pressures to begin to ease from the second half of 2023, with FX potentially remaining the only strong headwind as input costs, freight and intensity promotion will improve’.
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