Puma downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Olivia Townsend downgraded Puma to Neutral from Overweight with an unchanged price target of EUR 65. The firm sees less share price upside for Puma than Adidas and less upside risk to estimates. Puma may now have fewer incremental buyers as conviction in the Adidas turnaround increases, the analyst tells investors in a research note.