Puma: Stifel reduces target price
(CercleFinance.com) - Stifel maintains its 'buy' recommendation on Puma shares, but has cut its target price from E64 to E59, following an 11% drop in the share price after it reduced its annual EBIT forecasts.
The broker considers some of the reasons behind this lowering to be 'foreseeable', i.e. an increase in import duties in Mexico and higher costs resulting from the annual renegotiation of freight terms with Maersk.
While Stifel considers that the strategy implemented by the German sporting goods supplier is the right one, it warns that it is taking a little longer to bear fruit in the current macroeconomic context.
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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.
The broker considers some of the reasons behind this lowering to be 'foreseeable', i.e. an increase in import duties in Mexico and higher costs resulting from the annual renegotiation of freight terms with Maersk.
While Stifel considers that the strategy implemented by the German sporting goods supplier is the right one, it warns that it is taking a little longer to bear fruit in the current macroeconomic context.
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.