UBS lowered the firm’s price target on Puma (PUMSY) to EUR 48.50 from EUR 51 and keeps a Neutral rating on the shares. Though last week’s worse-than-expected results from Nike (NKE) likely reduce the near-term impact of increased competition in the wholesale channel, the lack of Puma’s earnings momentum will still weigh on the stock and its valuation, argues the analyst, who reduced the firm’s EPS estimates in 2024, 2025 and 2026 by 8%, 7% and 7%, respectively.
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Read More on PUMSY:
- High-end sneaker maker Golden Goose postpones IPO, Bloomberg reports
- Puma prevails in Nike trademark dispute, WSJ reports
- Puma price target raised to EUR 48 from EUR 43 at Barclays
- Puma price target raised to EUR 47 from EUR 42 at RBC Capital
- Puma price target raised to EUR 47 from EUR 45 at JPMorgan
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