Stifel upgraded Adidas to Buy from Hold with a EUR 250 price target. Beyond a Q1 beat and raise, the report “came as a testimony of faster-than-expected brand building” for Adidas, the analyst tells investors. While the firm says a “fair pushback to our late upgrade to Buy might be that a lot of positives are already priced in,” it believes that Adidas is at an early recovery stage and it expects news flow to remain supportive with comps easing.
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