Amer Sports, Inc.: Strong Performance and Growth Potential Justify Buy RatingOur price target implies 62% upside potential: We think Salomon brands have strong growth opportunities. Amer's 3Q "beat and raise" report reinforced our conviction in this view. While Amer's stock jumped 8.5% over its result, we think it has further upside potential. Our sense is some are still cautious on AS' outlook given its high leverage to China and fears around Arc’teryx’s potential slowdown. However, we believe the market underappreciates the strength of Amer's business model. We forecast a 32% 5-yr. EPS CAGR. We anticipate strong growth over the next few quarters will catalyze the stock towards our $54 PT. Four 3Q report highlights keep us bullish on Amer's outlook: 1. Amer remains optimistic on Arc'teryx in China. Amer said Arc'teryx China sales softened at the beginning of Q4 (post fireworks incident), but have rebounded as weather cooled.