adidas: Stifel still a buyer - raises TP
(CercleFinance.com) - Stifel reinstates its "buy" rating on adidas shares, raising its target price for them from 340 to 350 euros, suggesting upside potential of 25%, after it raised its operating estimates by 3% thanks to sales.
"With China instrumental to the consensus beat and inventories heading south, Adidas reassured the market on its two main concerns," the broker said.
However, Stifel acknowledges that "Exogenous headwinds such as freight and congestion costs understandably led to some caution on earnings despite reassurance on top line".
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