adidas: UBS still a buyer 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 E280 after these results were announced. This TP represents 15% upside potential for the share.

Adidas has just published its Q4 results, with sales of E5,965m, some 11% ahead of forecasts. At E5,358m (vs. E5,594m for UBSe), sales growth at neutral exchange rates was +19% (ex-Yeezy +18%) vs. +14% (for UBSe +19%), UBS says.

Q4 gross margin was 49.8% (up +520 bp) and Q4 EBIT was E57m (vs. -E60m), the broker adds.


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