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Adidas: UBS downgrades stock

( - UBS has downgraded its rating on adidas shares from "buy" to "neutral", slashing its target price for them from 348 euros to 173 euros, with the latter leaving the German sporting goods supplier's stock with just 4% upside potential.

"Following this week's profit warning we cut our estimates, seeing further downside risk to 2023 and consequently MT targets," the broker summarised.

The share is currently down almost 1% in a German market that is up about this.

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