AlphaValue/Baader Europe Lifts Puma Rating Amid M&A Rumors

08:33 AM EST, 12/10/2025 (MT Newswires) -- AlphaValue/Baader Europe lifted its rating for Puma (PUM.F) amid speculation that China-based sportswear companies Anta Sports and Li Ning and Japanese peer Asics are looking at potentially acquiring shareholder Artémis' stake in the German sporting goods retailer. The research firm on Tuesday changed its opinion on the stock to add from reduce, with a price target of 24.6 euros. "The upgraded opinion is mainly supported by our fundamentals driven metrics, which better reflect the group's full recovery trajectory, and its mid- to long-term potential," analysts said. "Artémis has repeatedly indicated that it is considering strategic options for its stake, with any separation dependent on valuation and the strength of potential buyers. This ongoing M&A speculation is likely to continue supporting the share price in the near-term." Meanwhile, analysts revised their EPS estimates for 2025 and 2026, taking into account Puma's forecast of a low double-digit percentage decline in sales at constant currency for full-year 2025 and its expectations that it will see earnings recovery from 2027.