Puma: continues to fall after lowered forecasts

(CercleFinance.com) - The share price continued its downward trend, with a loss this afternoon of almost 3%, after yesterday's 11% fall in the share price following the announcement of results.


The group announced quarterly EPS of 0.28 euros, compared with 0.37 euros a year earlier. In the 1st half, sales came to 4219 ME (-2.1%), with EBIT of 276.2 ME (-5.1%) and net income of 129.3 ME (-25%). Half-year EPS came to 0.86 euros, down 25%.

Following this publication, Stifel maintains its 'buy' recommendation on Puma, but reduces its target price from 64 to 59 euros.

The broker considers that some of the reasons behind this downgrade are 'foreseeable', namely 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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