(News Bulletin 247) – While maintaining its ‘hold’ recommendation on adidas, Stifel raised its target price from 140 to 145 euros, after the publication by the German supplier of sporting goods of its first quarter results.
The broker points to ‘stronger revenue momentum, potential evidence that the brand is not too damaged, and the foundations to build stronger brand desirability and long-term profitability’.
Stifel nevertheless shows a preference for its peer Puma, recommended as ‘buy’, noting that it has been hit much harder and estimates that it will reach the EBIT margin threshold of 10% a year ahead of adidas (2025 versus 2026).
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