Adidas (ADS) fell 1.16% intraday despite Deutsche Bank raising its price target to 210 from 200 and reiterating a Buy rating, citing stronger earnings momentum, improving brand heat, and tailwinds from the 2026 FIFA World Cup. The brokerage expects World Cup-related demand to support robust constant-currency sales growth in the second quarter, with the first half of 2026 likely marking peak sales growth before gross margin expansion and cost discipline take over as the main earnings drivers in the back half.
Analyst Adam Cochrane raised his 2026 EBIT forecast by about 4% to 2.55 billion and his 2027 estimate by 3% to 3.01 billion. Deutsche Bank also lifted its 2026 EPS forecast to 9.80, nearing the 10 level it had projected before U.S. tariff concerns emerged, while projecting 2027 EPS of 12.20. The firm called Adidas one of its highest-conviction ideas across the European consumer sector, arguing the company can continue outperforming peers on sales despite a subdued sporting goods backdrop.
Adidas shares are down 10% in the last twelve months.