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adidas: Credit Suisse cuts target price

( - The analyst points out that with Q1 sales down 3.
2% and a second quarter that looks weak (Credit Suisse estimates +1.5%) to achieve annual sales growth of +11%-13% in line with forecasts, growth of more than 22% will be required in H2.

In short analysts consider this highly unlikely in the context of a slowdown in global consumption, even if Chinese demand improves. They expect FY sales growth of 8%, an EBIT margin of 9.0% and EPS to fall by 4% to 9% below the consensus.

The broker therefore confirms its Underperform rating on the stock and has reduced its target price for it from 205 euros to 193 euros.

Although the shares are down 25% year-to-date, they do not seem particularly cheap relative to peers, trading at a P/E of 22x for the current year, the broker adds.

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