Amer Sports initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of Amer Sports (AS) with an Overweight rating and $45 price target The firm says Amer is a “unique portfolio company” where all three key segments are executing well, “which is rare in the consumer space.” The company’s long-term algorithm is based on low to mid-teens sales growth and 30-70 basis point of EBIT margin expansion annually, which is conservative given Amer’s sales and earnings momentum, the analyst tells investors in a research note.