Adidas rises after outlook hike, Q2 beat
** Shares in Adidas ADSGn.DE rise 4% in early Frankfurt trade after the German sportswear maker hiked its 2024 guidance for the second time, and posted better-than-expected Q2 results
** "The sales beat is the most notable aspect of the results," J.P.Morgan notes, adding they showa strong underlying brand momentum and the success of the strategic changes made over the last year
** Q2 sales excluding Yeezy were "well ahead of expectations", up 16% compared to JPM and consensus estimates of an 11% increase, JPM says, also pointing to a "significant" EBIT beat
** "It is the acceleration in underlying sales momentum to 16% in the quarter which will please shareholders most," analysts at Jefferies echo
** "We expect a positive share price reaction and modest positive consensus earnings revisions," RBC analyst Piral Dadhania says
** The broker continues to expect further sales acceleration in H2 as the business builds on current momentum
** Shares in German rival Puma PUMG.DE rise 1.7% in early Frankfurt trade
($1 = 0.9176 euros)
Reporting by Linda Pasquini
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