Citi keeps EUR 34 target for Puma stock before Q3 results

Published on 10/20/2026 at 10:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ANTA holds 29.06 percent after a EUR 1.51 billion deal on October 7, 2026. Puma stock costs EUR 24.48, 0.37 percent below Xetra close.

Ownership and earnings test

Citi kept its EUR 34.00 target on October 16, 2026.
PUMA reported EUR 1.69 billion in second-quarter 2026 revenue, down 9.70 percent year over year.
Puma stock trades at EUR 24.48 at 10:12 a.m. CEST at Lang & Schwarz on October 20, 2026, 0.37 percent below the Xetra close of October 19, 2026.
PUMA is scheduled to publish third-quarter 2026 results on October 30, 2026.

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Puma stock (ISIN DE0006969603) was trading at EUR 24.48 at Lang & Schwarz on October 20, 2026, at 10:12 a.m. CEST, down 0.37 percent versus the Xetra close of October 19, 2026, at EUR 24.57. Citi maintained a Buy rating and a EUR 34.00 price target in a report released on October 16, 2026, according to The Globe and Mail. The next test is operational: PUMA is scheduled to publish third-quarter results on October 30, 2026.

Shareholder change resets the story

ANTA Sports completed its acquisition of a 29.06 percent stake in PUMA from Artémis for EUR 1.5055 billion on October 7, 2026, becoming the sportswear companys largest shareholder, according to MarketScreener. PUMA said it would remain independently managed, while ANTA described the investment as a long-term strategic partnership.

The ownership change brings a concrete strategic angle to the analyst debate. Berenberg kept a Buy rating and a EUR 40.00 target in a study dated October 13, 2026, while citing high inventories as a condition for a more positive sector view, according to Finanzen.at. Jefferies took the more cautious position on October 6, 2026, cutting its target from EUR 27.50 to EUR 23.50 and retaining Hold, according to MarketScreener.

What will the results show?

The chronology points to a transition year. On October 6, 2026, Jefferies cut its target to EUR 23.50. On October 7, 2026, ANTA completed the 29.06 percent purchase. On October 16, 2026, Citi maintained its EUR 34.00 target. Those events put the October 30 report at the center of the next valuation debate.

PUMAs second-quarter 2026 revenue was EUR 1.69 billion, while reported EBIT was minus EUR 53.10 million and adjusted EBIT excluding one-time effects was minus EUR 41.90 million. Sales declined 9.70 percent on a reported basis, but gross profit margin increased to 48.00 percent, according to the Yahoo Finance transcript. PUMA confirmed its full-year 2026 outlook for a low single-digit to mid-single-digit currency-adjusted sales decline and an EBIT range of minus EUR 50 million to minus EUR 150 million.

Next date for the turnaround

The next substantiated date is October 30, 2026, for PUMAs third-quarter 2026 results, listed on the companys PUMA investor-relations page. The release should show whether sequential improvement in sales is becoming visible and whether inventory discipline is translating into better profitability.

Valuation still depends on execution

Puma stock remains between its EUR 15.30 52-week low and EUR 30.31 high as of October 20, 2026. The market capitalization was EUR 3.6 billion on the same date, leaving the analyst targets dependent on evidence that the brand reset can improve sales and margins.

The stock was trading at EUR 24.48 at Lang & Schwarz on October 20, 2026, at 10:12 a.m. CEST, 0.37 percent below the Xetra close of October 19, 2026, at EUR 24.57. The further course of trading is shown by the continuously updated real-time quote of Puma stock.