(News Bulletin 247) – Deutsche Bank reaffirms its ‘buy’ recommendation on adidas with a price target raised from 170 to 190 euros, after the group’s management once again supported its ambition for an EBIT margin of 10% (although than with a less explicit timetable).
The broker also points out that during its conference call, it “reiterated the quality of adidas franchises that can be reinvigorated, showed progress in inventory management and adopted a more positive view of China”.
According to Deutsche Bank, the German sporting goods supplier is laying the groundwork for medium-term growth, and putting in place some evidence of brand appeal, which is driving the stock price higher.
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