FRANKFURT (dpa-AFX) - Puma's recent recovery has hit a ceiling for now. Following a strong run for the stock, Bank of America (BofA) provided an incentive for profit-taking on Thursday with a rating downgrade. Analyst Thierry Cota justified his new 'Underperform' rating by stating that too much optimism is now priced in.
In contrast, Cota believes competitor Adidas still has room to run, and the shares followed suit on Thursday with a one percent gain, building on their recent recovery. However, they remained slightly below the previous day's high of just over 169 euros and also below their year-to-date high of 171.30 euros reached in early January. The expert upgraded his rating for Adidas from 'Underperform' to 'Neutral'.
Both stocks had recently benefited from hopes of a positive turnaround ahead of the FIFA World Cup. This was particularly true for Puma, which has gained a third of its value in 2026 on the prospect that extensive restructuring will improve its position in an otherwise challenging consumer environment. On the previous day, the shares reached the 30-euro mark for the first time in more than a year.
Speculation surrounding Puma was also fueled in late January by the entry of the Chinese group Anta Sports, which is acquiring a 29 percent stake from the French billionaire Pinault family. However, Cota noted that he does not anticipate a full takeover by the new major shareholder.
While Adidas shares have also picked up recently, they remain slightly down for 2026. Cota sees more catch-up potential for the DAX member, especially as he now expects a decline in growth that should be slower than previously assumed. He noted that sluggish industry growth is now well understood by the market./tih/ag/men
