Balanced Hold Rating on Amer Sports, Inc.: Growth Potential Priced In, Path to Earnings Revisions NeededWe exit AS’ Investor Day unchanged in our Equal-weight view. More specifically, we continue to recognize this asset as unique for its stand-out growth & mix shift-driven margin expansion opportunity (rare in our coverage), advantageous tariff positioning, & room for some ongoing positive EPS revisions TY. However, while mgmt.’s updated L-T targets to us appropriately reflect the evolution in narrative since IPO (i.e., OP & B&R becoming greater opportunities than the market & perhaps mgmt. previously appreciated), the stock’s re-rating over the L TM & muted reaction yesterday/today suggests these developments are largely priced in.