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Puma: Baader Helvea upgrades stock

( - Baader Helvea has upgraded its rating on Puma shares to "buy" from "reinforce", believing that the stock offers an attractive risk/reward profile.

In its comments published on Friday evening, the Swiss broker points out that the share is now trading at a discount of nearly 27% to its main peers and about 50% to its historical averages.

"At the current share price level, it assumes that the market is pricing in no EPS growth for FY24E, which is in our view a too pessimistic scenario", the Swiss broker explains.

However, as a result of the reduction to its earnings forecasts, Baader has lowered its target price for the share from E70 to E60.

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