Puma: UBS downgrades its recommendation

(CercleFinance.com) - UBS downgrades its recommendation on Puma from 'neutral' to 'sell' with a price target drastically reduced from 43.
9 to 19.5 euros, a new target implying a downside potential of 12% for the share of the German sporting goods supplier.

Despite the underperformance since the beginning of the year, the risk to earnings, combined with the erosion of investor confidence in the company, could lead to further underperformance", the broker judges in the summary of its note.

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