(CercleFinance.com) – In a note dedicated to German sporting goods manufacturers, Stifel reaffirms its ‘buy’ recommendations on Adidas and Puma with price targets lowered respectively from 190 to 160 euros, and from 100 to 85 euros.
‘Publications for the third quarter should not be powerful triggers’, said the broker, stressing that ‘sales in China remain disappointing and group margins remain under pressure’.
Stifel nevertheless judges the 2022 objectives of Adidas and Puma respectively ‘tense’ and ‘achievable’: he says he is below the consensus for Adidas and in the middle of Puma’s EBIT objectives (and no longer at the upper limit).
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