FRANKFURT (dpa-AFX) - Adidas shares led the record-high Dax on Monday afternoon with a plus of three percent. The Herzogenaurach-based company's shares have now recouped 62 percent of the setback from their annual high of almost 244 euros at the end of September. The US bank JPMorgan gave the shares the "Positive Catalyst Watch" stamp in its outlook for 2025, which signals particular optimism in the short term.

Adidas and On Holding are the first choice to benefit from the good prospects for the sporting goods industry. Concerns about slower growth at Adidas are too high. The experts also see margin potential and their operating earnings estimate is above the market consensus.

Meanwhile, Puma shares, which are rated "Neutral", lost 2.5 percent in the MDax. They have lost 14.5 percent over the year, while Adidas is up around a quarter. JPMorgan cut its earnings estimate for Puma./ag/jha/