Adidas: UBS remains Buy after results

(CercleFinance.com) - adidas reported better-than-expected Q4 results on Wednesday.


UBS confirms its Buy recommendation on the stock, with an unchanged price target of 280 E following the announcement of these results. This target highlights a 15% upside potential for the share.

'Adidas has just published its fourth-quarter results, with sales of €5,965 million, some 11% ahead of forecasts. At €5,358 million (vs. €5,594 million for UBSe), sales growth at neutral exchange rates was +19% (ex-Yeezy +18%) vs. +14% (for UBSe +19%)' says UBS.

Fourth-quarter gross margin was 49.8% (up +520 bp) and fourth-quarter EBIT was 57 million euros (versus -60 million euros)' adds the research firm.

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