(News Bulletin 247) – Bank of America announced on Tuesday that it had raised its recommendation on the adidas stock from ‘neutral’ to ‘buy’, with a price target raised from 174 to 235 euros.
In a research note, the design office says it observes signs allowing it to affirm that the sports equipment manufacturer is at the beginning of a recovery phase of its activity.
“We believe that the stronger than expected gross margin reported by the group for its second quarter is the strongest evidence that the brand is currently at an inflection point,” he adds.
BofA analysts say this momentum makes them more confident about the likelihood of a rebound and the group’s ability to grow its results over the medium term.
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