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Puma: UBS cuts target price

( - UBS expects a slowdown in Q3 2023, although believes that Puma is on track to achieve its targets.

The analyst confirms a neutral rating on the stock, although has reduced its target price to E57 (from E66).

"Amid weaker Q3 PUM should reach the bottom end of its FY outlook. But we continue to wonder "what's next?" amid changing competitive landscape", UBS says.

Puma forecasts EBIT of E590m to E670m in 2023 (vs. E641m in 2022). It expects a continued improvement in profitability towards the end of the year, mainly thanks to a sequential improvement in gross profit margin due to lower procurement and freight costs.

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