Barclays has reaffirmed its 'overweight' recommendation on adidas, with its price target raised from 231 to 243 euros, following an update of its estimates following the German sports equipment manufacturer's results for the first quarter of 2024.

Although management remained cautious about earnings growth prospects, the broker expects the brand's continued momentum to drive sales and profits. He also points to encouraging signs in the US at Google Trends.

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