FRANKFURT/NEW YORK (dpa-AFX) - Buoyed by positive analyst commentary from the Canadian bank RBC, Adidas shares remained on a recovery path on Wednesday. The sportswear manufacturer's stock rose by over one percent to 169.10 euros by midday, heading for its fourth consecutive day of gains.

In contrast, the Dax has recently come under pressure. The German benchmark index is currently trading 0.7 percent lower.

RBC analyst Piral Dadhania offered words of praise for Adidas, noting that the Herzogenaurach-based company now offers highly predictable earnings growth that ranks at the top of the industry. Consequently, the stock's valuation remains attractive.

U.S. bank Citigroup also expressed a generally positive outlook. Its quarterly 'Citi Athletic Survey' indicates an increasing willingness among Chinese consumers to purchase Adidas products. Chinese consumers continue to prefer international brands over domestic ones, although preference for the latter is growing. In North America and Europe, however, the propensity to buy Adidas has slightly declined.

Shares of competitor Puma fell by 1.7 percent, underperforming the MDax index of mid-cap stocks. RBC expert Dadhania also commented on this stock, stating it is still too early for a more optimistic assessment as the sportswear manufacturer faces a transition year in 2026.

Dadhania also moved to the sidelines regarding Nike. He suggested that investors in the U.S. rival will need patience. While the company's turnaround under CEO Elliott Hill is making progress, the pace and scale are slower than anticipated. Nike shares were trading 1.5 percent lower in U.S. pre-market trading.

Meanwhile, investors in sportswear manufacturers have been focused for weeks on the FIFA World Cup starting Thursday in the USA, Canada, and Mexico. All three brands are involved as team kit suppliers. This marks the final time Adidas will outfit the German national team (DFB), as Nike is set to provide the German jerseys in the future.

Shortly before the start of the World Cup, the U.S. government expects record attendance despite discussions regarding high travel costs and the political climate. The World Cup will be the most attended in history, U.S. tourism official Nick Adams told the Deutsche Presse-Agentur.

Recent data indicates rising demand, Adams said, citing figures from service provider Cirium. Airlines have added approximately one million additional seats on routes between Europe and the USA for the period between June and October due to the expected demand.

However, whether investors can benefit sustainably from the World Cup remains questionable, Marc Decker, Co-Head of Equities at Quintet, the parent company of private bank Merck Finck, recently wrote. While the world football governing body FIFA generates billions in revenue and companies can emotionally charge their brands globally, studies and market analyses show that this attention translates into sustained share price gains only to a limited extent.

According to Decker, the reasons are clear: for globally diversified corporations, the direct financial effects of a World Cup are often too small to significantly alter fundamental valuations. Furthermore, expected revenue boosts are usually priced in early by the markets. Ultimately, investors react more strongly to margin trends, growth prospects, or interest rate expectations than to major sporting events./la/edh/stk