After Mbappé suffered a knee injury while playing in prototype soccer shoes, Jeffrey maintained his “Run Under the Market” rating and a target price of $20. Mbappé just signed a contract with Ongpao this month to become a global brand ambassador and equity partner, but there is currently no medical evidence that the injury is related to sneakers. Jefferies believes that the company's more noteworthy issue is still the slowdown in growth: in the past six quarters, the overall revenue growth rate has dropped from 36% to 13%, the growth rate of the American business is only 4%, and the growth rate of the wholesale channel is 5%. At the same time, the inventory growth rate is about twice the sales growth rate. The agency pointed out that at a time when growth momentum is weakening, the company's entry into soccer will also increase players' signing, marketing, and product investment costs. Therefore, it believes that this expansion is more like supporting newly set long-term growth goals rather than based on proven product advantages. Jefferies's 2027 EBITDA forecast is also significantly lower than market consensus.

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