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Adidas tumbles as RBC Capital downgrades to 'sector perform', slashes price target

Fri 23 Jan 2026 12:48

(Sharecast News) - Adidas tumbled on Friday as RBC Capital Markets downgraded the shares to 'sector perform' from 'outperform' and slashed the price target to €160 from €190 as it cited limited catalysts and elevated consensus expectations. The bank said Adidas is executing well in a fairly challenging global sportswear market that is characterised by excess supply and maturing and changing consumer preferences in China.

"That said, consensus estimates are elevated for FY26E which creates guidance risk (RBC estimates are 13% below consensus)," it said.

"Despite cyclically low valuation which does provide support we downgrade to sector perform with a revised €160 discounted cash flow-derived price target as we see limited re-rating catalysts."

RBC said it prefers 'outperform' rated Nike across its sporting goods coverage.

At 1245 GMT, the shares were down 4.9% at €144.95.

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