08:10 AM EDT, 07/31/2026 (MT Newswires) -- Berenberg reiterated adidas' (ADS.F) hold rating, as analysts noted "mixed messages" from the company following its second-quarter results. "Management struck a confident tone on adidas's post-Q226 results call on 30 July, addressing the bear points from the release that led to the stock trading down 18% ahead of the call," the research firm said. "The market's concerns (weak footwear/lifestyle revenues, higher costs and higher inventory) were described by management as being according to plan, linked to the FIFA World Cup, and would unwind in H2." "Sentiment towards the sector, however, remains low, compounded by fashion cycle concerns. adidas's valuation appears cheap, discounting a mean reversion of margins but, until the pressure on consumers abates, we see limited investor appetite, no matter the strength of the stock narrative." Berenberg trimmed its EBIT and EPS projections for 2026, while those for 2027 and 2028 were increased. Sales forecasts were raised across the three-year period, reflecting higher organic growth in the second half of 2026 and marking-to-market for a weaker euro. The stock's price target was left unchanged at 190 euros.

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