Baird ups Adidas target, adds ‘Bullish Fresh Pick Trading Call’

Baird raised the firm’s price target on Adidas to EUR 260 from EUR 255 and keeps a Neutral rating on the shares. The firm also added a “Bullish Fresh Pick Trading Call” on the shares. It increased second half of 2024 estimates for Adidas ahead of a sell-side focused call early next week and a potential positive pre-release later in October. Company commentary and near-term brand signals remain bullish, with terrace footwear strength, distribution expansion, and relative China outperformance potentially underappreciated, the analyst tells investors in a research note.