Puma: Credit Suisse raises target price
(CercleFinance.com) - Credit Suisse raised its target price for the Puma share from 60 euros to 72 euros, citing amongst other reasons a continued confirmation of the brand's "heat".
In a note to clients, the broker said that it expects a "tough" quarter when the German sportswear maker reports its second-quarter results on 29 July.
However, Puma is "well placed to challenge the Nike/Adidas “duopoly” as consumers increasingly move to niche, sustainable, creative brands harnessing the advantages of direct social media advertising," it said.
The shares have risen by 2% year-to-date, significantly outperforming Adidas (-17%), Credit Suisse said, keeping a "neutral" rating on the stock.
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