Sep. 3 at 12:41 PM
JPMorgan placed Adidas on Positive Catalyst Watch ahead of Q3 results in late October, while cutting Puma to Underweight, citing confidence in Adidas’ earnings drivers and caution on Puma’s slow recovery.
Despite concerns over Terrace momentum, U.S. tariffs, and a possible NKE comeback, Adidas remains well positioned. Shares are down ~30% YTD, resetting expectations. Analyst Wendy Liu sees upside from running (+25% Q2 sales), apparel (+17%), and the 2026 World Cup, which could add >€1B revenue. PT trimmed to €236 (from €250), rating stays Overweight.
Puma faces a “reset year” under its new CEO. JPMorgan flagged challenges in clearing inventories, fixing distribution, and creating a flagship product, with management itself noting risks.
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