Adidas: Stifel raises target price

(CercleFinance.com) - Stifel maintains its Hold rating on Adidas shares, although has raised its target price for them from E135 to E140.


The new director Bjørn Gulden has confirmed "his ambition to restore 10% top-line growth and double-digit operating margin (vs. record 11.3% in 2019) before 2028, despite the loss of Yeezy and challenges in China", underlines the analyst for whom "Mr. Gulden is encouraged by Performance (+19% in FY22)".

Taking into account stronger sales growth, and despite Yeezy, Stifel expects EBIT margins of "8.5% in 2025 and 10.0% in 2026".


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