Puma initiated with a Neutral at Citi

Citi analyst Monique Pollard initiated coverage of Puma with a Neutral rating and EUR 58 price target. Puma’s focus is on repositioning its U.S. product to achieve more full-price sales, and improving its Chinese market share, but this will be a challenge given Nike and Adidas’ larger marketing budgets, the analyst tells investors in a research note.