Amer Sports price target raised to $36 from $24 at Citi

Citi analyst Paul Lejuez raised the firm’s price target on Amer Sports (AS) to $36 from $24 and keeps a Buy rating on the shares. Following the December equity offering, the firm raised estimates to reflect earnings accretion from debt paydown, an improved balance sheet and free cash flow, and increased confidence in the company’s long-term growth prospects. Citi e remain bullish on the momentum at Arc’teryx, which it says still has “significant runway to open highly productive new stores globally and expand in new categories.” With improving free cash flow, a healthier balance sheet, and all segments performing well, Citi has increased confidence in Amer’s long-term prospects, the analyst tells investors in a research note. It anticipates a positive pre-announcement from the company next week at the ICR Conference.