Adidas: Bryan Garnier raises target price.
(CercleFinance.com) - While maintaining its "neutral" rating on the Adidas stock, Bryan Garnier is raising its fair value for the share from 170 euros to 182 euros, after the group increased its annual targets and announced the disposal of CCM Hockey.
This news has led the broker to raise its estimates for the German sports equipment group: it now expects sales growth of 17% excluding FX factors and a 28% leap in earnings from its continuing businesses.
"Our new EBIT margin assumption (9.1%) reflects the positive impact from the divestitures and the strong operating performance expected over 2017," added the broker.
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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.
This news has led the broker to raise its estimates for the German sports equipment group: it now expects sales growth of 17% excluding FX factors and a 28% leap in earnings from its continuing businesses.
"Our new EBIT margin assumption (9.1%) reflects the positive impact from the divestitures and the strong operating performance expected over 2017," added the broker.
Copyright (c) 2017 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.