adidas is down nearly 3% in Frankfurt, as Bernstein on Thursday downgraded its opinion on the stock from 'outperform' to 'perform in line with the market', with a price target reduced from €205 to €200.

In a study devoted to the apparel and retail sectors, the analyst believes that market forecasts for the sports equipment maker are too high for the first half of the year.

In particular, he is concerned about the weakness of orders placed by the brand's major distributors - which together account for 70% of business - and the general feverishness of consumer demand.

Under these conditions, the German group's forecasts are bound to disappoint, predicts Bernstein, who nevertheless continues to appreciate adidas from a long-term perspective.

For the time being, the research department prefers to stay away from the stock in anticipation of a correction, a "tactical" stance which should not prevent it from being more constructive in the near future.

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