Amer Sports downgraded to Equal Weight after rally at Wells Fargo

Wells Fargo downgraded Amer Sports to Equal Weight from Overweight with a price target of $19, up from $17. The shares have run significantly the past few months, driven in part by the China stimulus news, the analyst tells investors in a research note. The firm recognizes Amer’s momentum in China but says the stock’s risk/reward is now more balanced. China remains the company’s key bright spot, while the U.S. and Europe continue to lag, contends Wells.