Amer Sports resumed with a Buy at BofA

BofA resumed coverage of Amer Sports (AS) with a Buy rating and $30 price target after the company completed a public offering of 40.8M shares with the potential for a green shoe of 6.12M added shares. The firm, which is raising its FY25 and FY26 EPS estimates by 10% and 5%, respectively, to reflect lower interest expense and a lower tax rate, thinks investors were concerned about Amer’s leverage and argues this transaction should “remove any overhang.”