HAMBURG (dpa-AFX Broker) - Private bank Berenberg upgraded Adidas to "buy" from "hold" and raised its price target to 180 euros from 160 euros. The market has become too cautious with regard to the sporting goods maker's profitability, and he himself downgraded the stock in September after three profit warnings, analyst Graham Renwick wrote in a research note presented Tuesday. There should still be headwinds in 2023, but new chief Björn Gulden has cleared the air with the new outlook, he said. He also has a reputation for promising less than he delivers, he added. With the right strategy and its implementation, as well as investments, Adidas is in a good position for the important sports year 2024, he said. Renwick's operating earnings (Ebit) estimate for the coming year is 30 percent above the consensus forecast, according to his own figures. And even on their basis, Adidas is trading at a 20 percent discount to Nike, he pointed out./gl/ck

Publication of the original study: 27.02.2023 / 18:05 / GMT

First disclosure of original study: Date not specified in study / Time not specified in study / Time zone not specified in study

-----------------------

dpa-AFX Broker - the Trader News from dpa-AFX

-----------------------