adidas: BofA cuts target price

(CercleFinance.com) - BofA Global Research has cut its target price for adidas from 275 euros to 265 euros, while maintaining its "neutral" rating on the stock.


As Gap has recently announced a partnership with Kanye West's brand YEEZY, the broker thinks the deal presents some brand risk for adidas, with which the rapper has developed a range of high-end sneakers.

"This accelerates the democratisation of YEEZY and reduces adidas' control over this process", BofA writes in a note.

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