Puma: Stifel still a buyer, raises target price
(CercleFinance.com) - Stifel reiterates its "buy" rating on Puma shares, having increased its target price for them from 113 euros to 115 euros, saying, "We recommend taking advantage of any weakness to reinforce positions" in the stock.
The broker points out that the German sports goods manufacturer reported Q2 revenue and operating profit on Friday that were significantly above the recent consensus.
"We believe management's guidance is conservative after management raised FY21 guidance to levels already anticipated by the sell-side," Stifel says, which has raised its above-consensus forecasts by 2%.
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