Adidas downgraded to Neutral from Outperform at Baird

Baird analyst Jonathan Komp downgraded Adidas to Neutral from Outperform with an unchanged price target of EUR 145. Komp said he was "wrong to upgrade shares" about 10 months ago ahead of multiple unforeseen challenges and he is taking advantage of recent improved sentiment as he anticipates potentially disappointing initial 2023 guidance. He is stepping to the sideline until earnings revision risk subsides, though he still has "a positive longer-term bias," Komp tells investors.