Berenberg keeps Buy rating for Puma stock at EUR 40 target
Published on 10/01/2026 at 15:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Puma (ISIN DE0006969603) is facing conflicting analyst signals as Berenberg kept its Buy rating and EUR 40.00 price target in a September 30, 2026 note. The prior close at Lang & Schwarz was EUR 22.80 on September 30, 2026, giving investors a clear reference point for the next Xetra session.
Berenberg sees a EUR 40 target
According to finanzen.ch, Berenberg kept its Buy rating and EUR 40.00 target in its September 30, 2026 research note. The note described Puma as technologically strong, while also stressing that successful marketing of new products will determine whether that advantage translates into growth.
The target stands EUR 17.20 above the Lang & Schwarz prior close of EUR 22.80, equivalent to 75.44 percent above that reference price. This is an analyst view, not a company forecast.
JPMorgan cuts its target
According to finanzen.ch, JPMorgan cut its Puma target from EUR 26.00 to EUR 24.00 on September 29, 2026 and kept a Neutral rating. Analyst Wendy Liu expected net sales to decline 7.00 percent before Puma reports its third quarter.
The latest company figures explain the cautious contrast. In the second quarter of 2026, Puma reported sales of EUR 1,690.6 million, down 9.7 percent from EUR 1,871.3 million in the second quarter of 2025, according to EQS News on July 31, 2026. Free cash flow, however, rose to EUR 328.8 million from EUR 94.9 million.
Results date sets the next test
Puma confirmed a currency-adjusted sales decline in the low- to mid-single-digit percentage range for fiscal 2026 and projected an operating result between EUR -50 million and EUR -150 million. The company also scheduled its third-quarter 2026 results for October 30, 2026, according to PUMA.
For investors, the central tension is visible in the numbers: margin recovery and cash generation are improving, but sales remain under pressure. Puma's second-quarter gross profit margin reached 48.0 percent, compared with 46.2 percent in the prior-year quarter, while adjusted EBIT fell to EUR -41.9 million from EUR -24.5 million.
Puma stock remains below its target range
At Lang & Schwarz, the prior close was EUR 22.80 on September 30, 2026. The stock's 52-week range was EUR 15.30 to EUR 30.31 as of October 1, 2026, while market capitalization stood at EUR 3.3 billion.
The further course of trading is shown by the continuously updated real-time quote of Puma stock.
Puma stock facts
- Company: PUMA SE
- ISIN: DE0006969603
- WKN: 696960
- Ticker: PUM
- Primary exchange: Xetra
- Prior close Lang & Schwarz (September 30, 2026): EUR 22.80
- Market capitalization: EUR 3.3 billion (as of October 1, 2026)
- 52-week range: EUR 15.30-EUR 30.31 (as of October 1, 2026)
- Sector / Industry: Consumer Discretionary / Apparel and Footwear
- Index membership: MDAX
- Next earnings date: October 30, 2026
