UBS reiterates its 'buy' recommendation on adidas with an adjusted price target of €207 to €203, a new target that leaves a potential upside of 16% for the German sporting goods supplier's stock.

Following a series of earnings warnings from peers, we believe that adidas' fourth-quarter results could reassure the market that the initial stages of its turnaround are unaffected by the unfavorable environment", the broker believes.

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