Puma: UBS still a buyer, but cuts target
(CercleFinance.com) - UBS has reinstated its "buy" recommendation on the Puma stock, while reducing its target price from 540 euros to 520 euros, the day after the German sports goods supplier published its 2018 results.
In its research note, the broker justifies its positive rating by explaining that, beyond targets that are deemed "conservative" for FY 2019, it sees robust sales growth momentum estimated at 12%.
However, UBS has reduced its estimate for 2019 operating profit to 424 million euros, which has led it to cut its target price for the share to 520 euros, suggesting upside potential of 15%.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In its research note, the broker justifies its positive rating by explaining that, beyond targets that are deemed "conservative" for FY 2019, it sees robust sales growth momentum estimated at 12%.
However, UBS has reduced its estimate for 2019 operating profit to 424 million euros, which has led it to cut its target price for the share to 520 euros, suggesting upside potential of 15%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.