Adidas and Puma shares weaken after critical analyst views

Shares of the two sportswear manufacturers Adidas and Puma extended their losses on Thursday. While Adidas disappointed after presenting its second quarter figures and confirmed outlook the day before, and some analysts have now lowered their price targets, Puma's shares suffered from a negative comment from Baader Bank after the publication of the complete quarterly results.

Adidas shares fell 2.5 percent to 170.60 euros in the Dax. This followed an 11.5 percent drop on Wednesday due to annual targets not being raised. Puma shares also fell 2.5 percent to 18.94 euros in the MDax.

Among the numerous analysts who lowered their price targets for Adidas were Goldman Sachs, who rate the share as "Neutral". Citigroup and Bank of America also lowered their targets. However, they reaffirmed their "Buy" rating. The Goldman Sachs experts criticised, above all, the missed sales expectations in the second quarter. With regard to the annual targets, they said that these suggested "moderate progress". This is not least due to the pressure from improvements at competitor Nike.

Regarding Puma, the downgrade by Baader Bank analyst Volker Bosse from "Add" to "Reduce" caused share price losses. Bosse also lowered the price target from 25 to 18 euros. He expects that the sporting goods manufacturer still has a long way to go in terms of normalising its business. He referred to statements by the new CEO, Arthur Hoeld, that 2025 would be a restart and 2026 a transitional year.

Regarding the figures on this day, analyst Dirk Schlamp from DZ Bank recalled that Puma had already shocked the market last week with unexpectedly weak second-quarter figures and "a hefty profit warning" due to declining brand momentum. Therefore, there are no more surprises now. He hopes for more clarity from the strategy update announced for the end of October. He wants to know how the management board intends to reposition the brand in the competitive performance and lifestyle market environment. He also wants to know how they plan to sell more products at "full price" again.

This article was translated to English using an AI tool.

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