adidas: Credit Suisse downgrades rating before results

(CercleFinance.com) - This morning Credit Suisse downgraded its "outperform" rating on the share of the German sports equipment maker Adidas, now adopting a "neutral" stance.


It is time to wait for "heat to return," analysts say, maintaining their target price of 235 euros for the share.

Indeed, "adidas represents a reasonably valued play on global sporting goods, the lack of brand momentum is a growing concern, and with 1Q (May 3rd) likely to be soft," the broker's note adds.

In short, in the current state of affairs, "it is hard to see potential for further re-rating before we see evidence of sales accelerating in 2H," analysts state.

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