UBS reiterates its buy recommendation on the stock with an unchanged target of 264 E after the announcement of second-quarter results and after raising its full-year targets.

'Adidas reported sales of 5,822 ME in Q2 (against UBSe's +2% growth forecast at 5,684 ME) with growth at constant exchange rates of +11% (UBSe +10%). Underlying growth excluding Yeezy was much better than expected, with sales at constant exchange rates of +16%' says UBS.

For 2024, adidas now says it expects sales growth at constant exchange rates to be close to, but below, 10%, compared with a previously announced forecast of over 5%.

The company also expects full-year operating profit to come in at around €1 billion, rather than €700 million.

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