FRANKFURT (dpa-AFX Broker) - DZ Bank downgraded Adidas from "buy" to "hold" and lowered the fair value from 155 to 138 euros. In addition, the financial institution removed the securities of the sporting goods manufacturer from the "DZ Bank Equity Ideas" recommendation list. "The fact that a new CEO clears the air and starts in office with conservative targets is basically no surprise," analyst Thomas Maul wrote in a study available on Monday. However, he said the market was negatively surprised by the announced operating loss (Ebit) of up to 700 million euros. The disappointing forecast is explained on the one hand by the very likely scenario in which Adidas no longer sells any products by the rapper Kanye West (Yeezy brand), who is controversial because of anti-Semitic statements, and on the other hand by the fact that the consensus estimates have so far probably not taken sufficient account of the fact that Adidas has not been able to sell any products at all.The second reason is the one-off restructuring expenses, which have probably not been sufficiently taken into account in the consensus estimates to date, as well as burdens from the reduction of excess inventories and challenging market conditions in China. The chances are good that Adidas will return to the path of success with Björn Gulden. However, this is likely to take somewhat longer than previously assumed./gl/la

Publication of the original study: 13.02.2023 / 07:49 / CET First disclosure of the original study: 13.02.2023 / 07:58 / CET

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

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

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