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Puma: shares up as broker raises target price

( - Shares in German sportswear group Puma rose 1.
3% to over 77 euros in early afternoon trading on Thursday after a broker raised its target price for the stock.

Morgan Stanley has raised its target price to 84 euros from 72 euros, with an "overweight" rating, expecting the company's momentum to remain strong.

"We raise our price target (11% upside) ahead of full-year 2019 results on 19 February," the broker said.

"We believe that the possibility of some key risks materializing in 2020 has diminished, while Puma's prospects in some key geographies remain very attractive," it added.

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