While Adidas Is Far From a Bargain, Investors May Want to Stock Up on Nike and Under Armour
Although we view the athletic apparel, footwear, and equipment space as highly competitive, we think these headwinds are priced in and view wide-moat Nike and narrow-moat Under Armour as offering a favorable risk/reward opportunity, each trading at a 20%-30% discount to our valuation. Further, we still think the competitive advantages stemming from solid brands and the resulting pricing power should ultimately ensure each withstands these pressures and delivers excess returns to shareholders lon...
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