Adidas: UBS reiterates Buy recommendation after results
(CercleFinance.com) - UBS reiterates its buy recommendation on the stock with an unchanged target of E264 after the announcement of Q2 results and after raising its full-year targets.
Adidas reported sales of E5,822m in Q2 (against UBSe's +2% growth forecast at E5,684m), with growth at constant exchange rates of +11% (UBSe +10%). Underlying growth excluding Yeezy was much better than expected, with sales at constant exchange rates of +16%, UBS says.
For 2024, adidas now says it expects sales growth at constant exchange rates to be close to, but below, 10%, compared with a previously announced forecast of over 5%.
The company also expects full-year operating profit to come in at around E1bn, rather than E700m.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.
Adidas reported sales of E5,822m in Q2 (against UBSe's +2% growth forecast at E5,684m), with growth at constant exchange rates of +11% (UBSe +10%). Underlying growth excluding Yeezy was much better than expected, with sales at constant exchange rates of +16%, UBS says.
For 2024, adidas now says it expects sales growth at constant exchange rates to be close to, but below, 10%, compared with a previously announced forecast of over 5%.
The company also expects full-year operating profit to come in at around E1bn, rather than E700m.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.