Adidas stock absorbs a lower JPMorgan target after strong sales

Published on 10/04/2026 at 14:58 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adidas stock now faces a EUR 210 JPMorgan target after the bank cut its view from EUR 230 on October 2, 2026. Q2 revenue reached EUR 6.743 billion.

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Adidas stock was last at EUR 144.05 on Xetra on October 2, 2026 at 5:35 p.m. CEST, up 0.98 percent from the previous close. On that date, Finanznachrichten reported that JPMorgan cut its Adidas target from EUR 230 to EUR 210 while retaining an Overweight rating. The reduction of 8.7 percent puts the analyst target 45.8 percent above the Xetra price.

JPMorgan trims its target

JPMorgan cited a more cautious industry view and reduced its earnings forecasts through 2028 by up to 10 percent, according to the October 2, 2026 report. The same report pointed to Adidas' broad product pipeline, positive retail signals and largely favorable channel checks as counterweights to the more cautious stance.

RBC had kept an Outperform rating and a EUR 200 target after an analyst conference, according to Finanznachrichten on October 1, 2026. RBC said operating profit could be more heavily weighted toward the fourth quarter because of the timing of gross margin, marketing and overhead costs.

Revenue grows as margin narrows

Adidas' second quarter of 2026 produced revenue of EUR 6.743 billion, compared with EUR 5.952 billion a year earlier, while currency-neutral growth reached 14 percent. Admiral Markets reported these figures from the company's July 30, 2026 results release.

Operating profit increased from EUR 546 million to EUR 574 million, a 5 percent gain, but the operating margin declined from 9.2 percent to 8.5 percent. Marketing and point-of-sale expenses reached EUR 924 million in the quarter, up EUR 212 million from the comparable period, making margin quality the key counterpoint to the sales momentum.

Consensus remains above the stock

MarketScreener listed a Buy consensus from 31 analysts on September 22, 2026, with an average target of EUR 199.52. Relative to the EUR 144.05 Xetra price, that average target stood 38.5 percent higher, while the consensus spread shown by the portal was 35.87 percent.

The next company checkpoint is the third-quarter report scheduled for October 29, 2026. Inventory, footwear demand and the balance between marketing investment and operating profit are likely to frame the market's reading of that update.

Adidas stock remains below its yearly high

Adidas stock had a 52-week range of EUR 129.95 to EUR 196.40 as of October 2, 2026, and traded 26.7 percent below the high. Its market capitalization was EUR 25.2 billion and volume reached 578,531 shares on the same Xetra session.