Adidas downgraded to Hold from Buy at HSBC

HSBC downgraded Adidas (ADDYY) to Hold from Buy with a price target of EUR 260, down from EUR 300. The firm sees limited earnings upgrades for the next six months and a lack of catalysts for the shares. Now feels “time to take a breather” for the shares in the absence of short-term catalysts, the analyst tells investors in a research note.