Adidas upgraded to Outperform from Neutral at Baird

Baird upgraded Adidas (ADDYY) to Outperform from Neutral with an unchanged price target of EUR 240. The stock’s risk/reward following the recent pullback is “much improved,” the analyst tells investors in a research note. The firm says its late-March company travel reinforced confidence in Adidas’ global brand momentum, “deep” pipeline and improving wholesale relationships. The company also has limited U.S. tariff exposure and a “conservative” 2025 guidance, contends Baird.