Stifel has raised its recommendation on adidas from 'hold' to 'buy', while raising its target price from €150 to €250, seeing its latest publication as 'a testimony to adidas' faster-than-expected brand building'.

'The group is progressing ahead of plan. Against a backdrop of upward earnings risk, our valuation concerns have proved to be overdone", the broker acknowledges in his note on the German sports equipment manufacturer.

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