Puma shares surge on upbeat CEO comments
Updates share move, adds traders comments
** Puma PUMG.DE shares rose nearly 12%, extending earlier gains, with traders pointing to upbeat comments by the CEO on March and April trading, order book and level of confidence by the management in reaching 2024 targets
** They highlight market was worried about more cautious comments from Puma, pointing to a short squeeze
** The level of confidence in reaching FY targets has increased because the verbal commitment from retailers has turned into orders into Q4, CEO Arne Freundt says on an investor call following Puma's Q1 results
** Shares spiked at around 1300 GMT, shortly after the call started, adding to earlier gains
** The stock had risen about 4% in morning trade after Q1 results showed what Jefferies called a "less laboured start to 2024 than feared"
** J. P. Morgan says that given valuation and the YTD share price weakness, "no miss could provide some relief to the shares this morning", adding that Puma's comment on "Europe coming in better than expected" on sales is encouraging
** Up to the previous session's close, shares were down 10.5% YTD
Reporting by Linda Pasquini and Danilo Masoni, additional reporting by Isabel Demetz
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