Adidas Stock Rises 2.1% as Bernstein Backs 245-Euro Target Despite Sector Headwinds

Adidas closed at EUR 150.10, up 2.1%, as Bernstein reaffirmed Outperform with a EUR 245 target amid cooling sportswear demand.

Adidas shares closed Friday's session at EUR 150.10, up 2.1%, even as a broader industry analysis from dpa-AFX underscored the mounting pressures facing sportswear manufacturers. The gain came on the same day Bernstein Research reaffirmed its "Outperform" rating on the Herzogenaurach-based company, keeping a price target of EUR 245.

The sector backdrop is far from comfortable. Demand for athletic apparel is cooling after a robust start to 2026, with consumption losing momentum in the key markets of the US, Europe and China. Retailers have responded by ramping up promotions and discounts, while many buyers are holding back noticeably on advance orders for 2027. Analyst Aneesha Sherman, who authored the Bernstein study first presented on Thursday, nonetheless sees clear differentiation emerging among the major brands.

Nike's Lifestyle Slump Contrasts With Adidas Momentum

While industry giant Nike is ceding market share, particularly in the lifestyle segment where it relies mainly on performance products to compete, Adidas along with rivals On and Hoka continue to expand their growth. That relative strength was already visible in second-quarter figures, when Adidas posted currency-adjusted revenue growth of 14% to a record EUR 6.74 billion. The advance was driven chiefly by a significant expansion of the direct-to-consumer business and strong gains in the performance segment.

Management has left its full-year guidance untouched. The group is targeting currency-adjusted revenue growth of 9% to 10% and projects an operating profit of roughly EUR 2.3 billion.

Analysts Send Mixed Signals

Not all voices on the Street align with Bernstein's optimism. Piper Sandler reiterated its "Overweight" rating on Monday with a price target of EUR 180.00, but analysts at the firm reportedly trimmed their earnings estimates for the third quarter of 2026 as well as for the full years 2026 and 2027. The caution among retailers when placing long-term orders illustrates how carefully the trade is planning consumer sentiment. What allows individual brands to hold their ground in this environment comes down largely to selective demand impulses in the footwear segment and targeted product launches. Since the start of the year, Adidas shares are down 11%.

Product Pipeline Stays Busy

On the product front, the company continues to lean on specialized collections and partnerships. On Tuesday, Adidas announced a special edition of its Predator football boot, released to mark the anniversary of David Beckham's free-kick legacy. Earlier in the week, Adidas Originals and the brand Hellstar unveiled an expansion of their global partnership for autumn and winter 2026, spanning footwear from the Megaride line as well as apparel. At the beginning of the month, the company had already presented a 1990s-inspired autumn collection with designer Willy Chavarria.

Investors will get a clearer picture of the company's financial health at the end of the month. Adidas has confirmed it will publish results for the first nine months of 2026 on October 29. That report will reveal the extent to which industry-wide demand concerns and waves of discounting have actually weighed on the group's margins and revenues.