Sportswear Stocks in Focus: StoneX Weighs In on Nike, Adidas, and Puma

The sportswear industry is in focus as StoneX initiates coverage of Nike (NKE), Puma (PUMSY), and Adidas (ADDYY) with differing views on their respective recovery efforts.

Nike's turnaround may take time, according to StoneX analyst Zeyn Burak, citing weakness in the lifestyle business, elevated promotions, excess inventory, and ongoing marketplace resets. The firm initiated Nike at 'Hold' with no price target.

In contrast, StoneX sees Adidas' turnaround entering a new phase with sustained market-share gains. The firm started Adidas at 'Buy' with a €200 price target.

Puma's wholesale reset and improving inventory provide a credible path to recovery, but demand remains the key test, said StoneX. The brokerage initiated Puma at 'Hold' with no price target.