Deutsche Bank cuts target for Adidas stock to EUR 205

Published on 10/02/2026 at 15:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue rose 14.00 percent to EUR 13.30 billion in the first half. Adidas stock costs EUR 145.15 on October 2, 2026 versus EUR 142.18.

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Adidas (ISIN DE000A1EWWW0) was trading at EUR 145.15 at Lang & Schwarz on October 2, 2026 at 3:10 p.m. CEST, up 2.09 percent versus the prior close of EUR 142.18. Deutsche Bank Research cut its Adidas price target from EUR 210.00 to EUR 205.00 on October 1, 2026, while retaining a Buy rating, according to MarketScreener.

Target cut keeps Buy rating

The change places the analyst view between a positive rating and a more cautious valuation. Deutsche Bank cited higher sector pressure in the third quarter and described Adidas annual targets as realistic rather than conservative, the same MarketScreener report said.

The target of EUR 205.00 stands 41.24 percent above the Lang & Schwarz price of EUR 145.15. That gap shows that the target reduction did not amount to a negative rating change, but it also reflects a lower valuation ceiling than the previous EUR 210.00 level.

Sales rise faster than profit

Adidas reported second-quarter 2026 revenue of EUR 6.74 billion and operating profit of EUR 574.00 million. Revenue increased 14.00 percent on a currency-neutral basis from the prior-year quarter, while operating profit rose 5.00 percent, according to Admirals.

For the first half of 2026, currency-neutral revenue reached EUR 13.34 billion, up 14.00 percent from EUR 12.11 billion in the first half of 2025. First-half operating profit was EUR 1.28 billion, compared with EUR 1.16 billion a year earlier, while inventories stood at EUR 5.97 billion at June 30, 2026.

October report sets next test

The next scheduled reporting date is October 29, 2026, when Adidas is expected to publish third-quarter 2026 results, according to Admirals. The next report will show whether sales growth is translating into stronger operating profit after elevated marketing costs.

Lightyear identifies Xetra as Adidas primary listing, with ticker ADS, and classifies the company in consumer discretionary, according to Lightyear. Adidas stock was 26.09 percent below its 52-week high of EUR 196.40 and 11.70 percent above its 52-week low of EUR 129.95 on October 2, 2026.

Stock remains below yearly high

Adidas had a market capitalization of EUR 25.4 billion on October 2, 2026. The combination of a 2.09 percent daily gain, a target cut from EUR 210.00 to EUR 205.00, and a 26.09 percent distance from the yearly high leaves the October results as the next concrete test for the valuation.

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