Update shared on 28 Nov 2025
Fair value Decreased 0.94%The analyst price target for adidas has been modestly lowered by approximately EUR 2 to EUR 229. Analysts cite slightly higher discount rates and a conservative outlook for future growth and profitability as the reasons for this adjustment.
Analyst Commentary
Analysts have provided mixed commentary on adidas, with views covering both the potential for further upside and risks that could temper future performance. These perspectives shape the ongoing discussion around the company’s valuation and prospects.
Bullish Takeaways
- Bullish analysts have maintained positive ratings, noting sustained growth potential and robust brand positioning. This has supported recent upward price target revisions.
- There is ongoing confidence in adidas’ ability to execute on its strategy. Price target upgrades reflect expectations for improved operational performance and profitability.
- Supportive views are based on the company’s efforts to strengthen its product offering and competitive standing within the global sportswear market.
- Despite market volatility, upward adjustments to forecasts indicate that several analysts see room for valuation upside as the company addresses past challenges.
Bearish Takeaways
- Bearish analysts point to increased discount rates and a more conservative growth outlook as reasons for modest downward price target revisions.
- Caution is expressed about profitability headwinds, with particular attention given to uncertainties in future earnings and margin improvement.
- Competitive pressures from major industry peers could limit market share gains and place constraints on long-term growth trajectories.
- Recent price target reductions reflect concerns about execution risks, highlighting the need for the company to deliver consistent progress against strategic initiatives.
What's in the News
- Adidas raised its earnings guidance for 2025, now expecting double-digit currency-neutral revenue growth and an operating profit of around €2.0 billion. This figure is above the previously guided range. (Key Developments)
- Perfect Game and Adidas launched the limited-edition PG x Adidas Adizero Impact Shades Cleats, which sold out quickly at the WWBA World Championship. These cleats are now available in select retail locations, with further activations planned for the fall. (Key Developments)
- Adidas announced a long-term partnership with Bunzl plc's GLO unit to enter the safety footwear market. The first adidas pro work models are scheduled to debut in the second quarter of 2026. (Key Developments)
- Adidas and Hibbett are collaborating on the "State Fair" Superstar sneakers, a Texas-inspired limited-edition release. The launch includes a special community event in Dallas on September 20, 2025. (Key Developments)
Valuation Changes
- The consensus analyst price target has decreased slightly from €231.65 to €229.48.
- The discount rate has risen marginally from 6.80% to 6.84%.
- The revenue growth projection is virtually unchanged, moving from 7.99% to 7.99%.
- The net profit margin estimate has increased slightly from 8.34% to 8.34%.
- The future P/E multiple has edged down from 19.48x to 19.31x.
Disclaimer
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