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Adidas: Invest securities still a seller after Q3 results.

( - In a report issued on Friday morning, Invest Securities has renewed its "sell" rating on the Adidas share, maintaining its target price of 145 euros.

The broker, which reacted to the group's Q3 accounts, which were it says were less impressive than those of past quarters, with a relatively disappointing turnover, although a strong rise in profitability, justifies its sell rating due to the stock's unattractive valuation. It also refers to a context of slower growth that needs to be monitored, even though Q4 should be better.

While the broker has renewed its annual guidance (revenue growth of 17%-19% at constant currencies and an operating margin of 9.2%), it has trimmed its 2017/2019 revenue estimate by 1%. Conversely, it has inched up its forecast for Ebita by about 1%.

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