Wedbush Securities on Wednesday raised its price target for adidas from €193 to €200, while renewing its 'neutral' opinion on the stock.

In a research note, the intermediary believes that the solid business update published last night by the German sports equipment manufacturer shows that it is benefiting from a business dynamic that is tending to accelerate.

Wedbush believes that the Group should benefit in particular from the improvement now underway in the supply chain, particularly in North America.

While he applauds the work done by new CEO Bjorn Gulden and his team with a view to the next turnaround, the analyst believes that much of the good news is now priced in, with the stock trading at around 75 times expected EPS in 2024 and 50 times expected EPS in 2025.

In these conditions, Wedbush explains that it prefers to wait before taking advantage of a better entry point on the stock.

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