Jefferies downgrades its recommendation on Puma from 'buy' to 'hold', with a price target reduced from €65 to €40, after the German sporting goods group issued a warning for 2024 that was 'more extreme than the market had feared'.

A resilient underlying profit achieved in the fourth quarter, despite a sharp deceleration in growth, will probably be evaded by some", believes the broker, who is especially skeptical about the targets posted for the 2024 financial year.

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