Baader ups Puma to 'buy' on soft valuation after outlook cut knocks shares
** Shares in Puma PUMG.DE rise 3% after Baader Helvea upgrades the German sportswear maker to "buy" from "add", citing a "highly attractive" opportunity/risk profile after the shares tumbled following Wednesday's outlook cut
** The shares dropped nearly 16% between Wednesday and Friday, trading at their lowest levels since 2018
** But Baader expects Puma's sales growth momentum to continue throughout the year and says its order book looks particularly strong for H2 2024
** It projects FY 2025 EBIT margin of 8.2%, in line with Puma's 8.0%-8.5% forecast
** "The PUMA brand heat remains strong and its sports performance credibility footprint is broadening," Baader writes, noting the company is back on the international football fields and running segment
Reporting by Eva Orsolya Papp
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