Berenberg keeps Puma stock at Buy with EUR 40 target

Published on 10/02/2026 at 14:41 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue fell 12.89 percent to EUR 1.69 billion. Puma stock costs EUR 22.72 on October 2, 2026 versus EUR 22.19, plus 2.39 percent.

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Puma stock was trading at EUR 22.72 at Lang & Schwarz on October 2, 2026, up 2.39 percent from the prior close of EUR 22.19. Berenberg maintained its Buy rating and a EUR 40.00 price target for Puma in a note dated September 30, 2026, according to Finanznachrichten.

Berenberg sees a EUR 40 target

The analyst view gives Puma a clearly defined valuation reference: the target stands EUR 17.28 above the Lang & Schwarz price, or 76.06 percent above it. Berenberg analyst Nick Anderson said Puma was technologically ahead, while the market had not yet fully recognized that position, as reported on September 30, 2026.

The target is also a test of execution. A higher valuation would require the product innovation and brand investments to translate into stronger demand, rather than relying on cost reductions alone.

Second-quarter revenue fell 12.89 percent

According to Markets Insider, Puma generated EUR 1.69 billion in revenue in the second quarter of 2026, compared with EUR 1.94 billion in the second quarter of 2025. That represents a 12.89 percent decline. The GAAP net loss narrowed to EUR 72.80 million from EUR 247.00 million, an improvement of 70.53 percent.

Puma's investor-relations materials say the company confirmed its full-year outlook after a weaker second quarter and expects a gradual improvement in revenue during the second half of 2026. The same materials identify the second-quarter earnings call as taking place on July 31, 2026, and link the operating plan to lower inefficiencies, a tighter cost base and a more brand-focused organization.

Third-quarter results set for October 30

Puma's next scheduled reporting date is October 30, 2026, when it plans to publish third-quarter results, according to its investor-relations page. That release will provide the next quantified check on whether the expected second-half revenue improvement is emerging.

Puma stock remains below its yearly high

Puma's EUR 3.3 billion market capitalization and EUR 15.30 to EUR 30.31 52-week range put the current EUR 22.72 quote below the yearly high while leaving the stock above its yearly low. The next results therefore matter because the operating recovery must narrow the gap between current earnings and the EUR 40.00 Berenberg target.

The further course of trading is shown by the continuously updated real-time quote of Puma stock.