The move puts a dent in a wall of optimism among analysts, which remained in place as the stock lost almost 30% of its value in 2025 as currency fluctuations weighed on earnings. About 84% of those tracked by Bloomberg still have buy or equivalent ratings.
While Bank of America expects the 2026 Fifa World Cup to deliver a boost, they said growth will likely moderate from there. The analysts urged caution for the sector more generally, downgrading JD Sports Fashion Plc and saying the 20-year “casualisation trend” is largely complete.
“The question is what comes after the World Cup boost,” wrote analysts including Cota. “We expect sporting goods names with sustained and strong growth, like On and Asics, to be more in focus in a sector where investor interest is waning.”
The bank cut its price target to €160, the lowest estimate among analysts and implying about a 6% drop from yesterday’s close. The stock traded at €158.60 as of 11:08am in Frankfurt.
See also: BofA’s Hartnett warns overbought global stocks face sell signal
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