adidas: Jefferies initiates coverage with 'hold' rating

(CercleFinance.com) - Jefferies has initiated coverage of German sports goods maker adidas with a "hold" rating and a terget price of 292 euros, saying data checks suggest the brand's heat will remain "strong" in the US in 2020.


In a note to clients, the broker said it expects the group's momentum to shift from Yeezy maturity to Beyonce accretion.

"That said, we are more cautious on the mid-term prospects in China and the lack of positive earnings catalysts keep us at hold," it wrote.

Jefferies also has a "hold" rating on the Nike share, owing to more tempered growth in North America.

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