FRANKFURT (dpa-AFX) - Two analyst recommendations attracted some investors to Adidas on Tuesday. However, a liberating blow in the chart failed to materialize. The papers of the Herzogenauracher climbed with plus 2.5 percent to 141.84 euros back to its 50-day line. In the weaker market environment, however, it put the brakes on a further rise. Puma, on the other hand, lost up to 3 percent after a downgrade.

Analyst Olivia Townsend of JPMorgan is optimistic, particularly ahead of Adidas' detailed annual results on March 8, and therefore also gave the shares "Positive Catalyst Watch" status. Her price target of 162 euros is just above the year-to-date high. Townsend is betting on surprise potential in 2024 in particular, after market expectations have come back massively following three profit warnings. Alluding to the new Adidas CEO Björn Gulden, she speaks of a "Gulden Opportunity".

Berenberg's Graham Renwick is also betting that Gulden will come clean with the outlook, especially given his reputation for "promising little and then delivering more." This would create a "clean base" for 2024, Renwick said. He even trusts the shares to reach 180 euros, a return to the interim highs from the summer of 2022.

For Puma, on the other hand, Townsend now only rates it "neutral". Puma remains a good long-term growth and margin story, and will also do well in 2023. However, Adidas simply has more potential at the moment.

Adidas is also ahead on an annual basis with a plus of 10 percent compared to Puma with a plus of 6 percent. The previous year did not go well for either, with the share price halving./ag/mis