Puma: Berenberg remains a buyer after recent weakness

(CercleFinance.com) - Berenberg said it remains a buyer of Puma shares, recommending investors take advantage of their recent weakness as a "buying opportunity" after the stock has fallen by about 10% since Asos' profit warning on Monday.


In a note to clients, the German broker highlights that the British fashion online retailer's comments about weakness in trainers have been taken negatively for Puma and adidas.

However, Asos' statement offers limited read-across to the sporting goods names, Berenberg thinks, still expecting the delivery of positive earnings momentum.

Seeing upside potential of 32% in its target price of 545 euros, Puma remains Berenberg's top pick in the sporting goods market.

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