Adidas falls as Barclays downgrades stock on China hurdles, US volatility
** Shares in Adidas ADSGn.DE fall 3% after Barclays downgrades the sports apparel maker on increased competition and slower economic growth in China, volatile U.S. sporting goods market and the stock's strong valuation
** The broker cuts Adidas to "equal-weight" from "overweight" and lowers PT by more than 15% to 215 euros; it also cuts EPS estimates by 17% for 2025 and 12% for 2026
** "We continue to like Adidas but view current valuations as full considering the less profitable China business and uncertain US recovery," it says
** The Adidas shares are up 20% YTD, outperforming the pan-European STOXX 600 index .STOXX which is up 6% since the beginning of the year
** Barclays keeps peer Puma's PUMG.DE rating unchanged at "equal-weight" and says it still prefers Adidas over it, awaiting new product momentum
** Out of 34 analysts that cover Adidas, 17 rate the stock "strong buy" or "buy", 13 "hold", and four "strong sell" or "sell"
($1 = 0.9045 euros)
Reporting by Andrey Sychev
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