Report
Cedric Rossi

ADIDAS GROUP: We need to catch our breath after this amazing rally | NEUTRAL vs. BUY | EUR240 vs. EUR218 (-4%)

ADIDAS GROUP - NEUTRAL vs. BUY | EUR240 vs. EUR218 (-4%)
We need to catch our breath after this amazing rally

FY outlook: top-line trends to accelerate in H2...
...whilst earnings momentum is expected to normalize
FY19-21 forecasts revised up by ~3% on average
New FV at EUR240, but recommendation downgraded to Neutral
Underlyings
ACADIA Pharmaceuticals Inc.

Acadia Pharmaceuticals is a biopharmaceutical company focused on the development and commercialization of medicines focusing on central nervous system disorders. The company has a portfolio of product including its drug, NUPLAZID (pimavanserin), which has been approved by the U.S. Food and Drug Administration for the treatment of hallucinations and delusions associated with Parkinson's disease psychosis (PD Psychosis). NUPLAZID is a selective serotonin inverse agonist preferentially targeting 5-HT2A receptors with no appreciable affinity for dopaminergic, histaminergic, or muscarinic receptors.

Adidas AG

ACM Managed Dollar Income Fund is a non-diversified, closed-end management investment company. This closed-end investment fund is designed for investors who seek high current income and capital appreciation. In order to achieve this objective, Co. invests primarily in high-yielding, U.S. and non-U.S. fixed income securities, denominated in U.S. dollars, that it expects to benefit from improving economic and credit fundamentals. Co. may utilize leverage through the investment techniques of reverse repurchase agreements and dollar rolls. As of Sept 30 2007, Co. had total assets of $192,614,325 and investment portfolio totalled $178,906,534.

Provider
Bryan Garnier
Bryan Garnier

Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.

Analysts
Cedric Rossi

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