Barclays has reaffirmed its 'overweight' recommendation on adidas and raised its target price from €227 to €231, following an update of its forecasts after a preliminary first-quarter publication deemed stronger than expected.

We believe that the underlying business (ex-Yeezy) has proved vigorous, with margins being the pleasant surprise", says the broker, who also points to an increase in targets for 2024 by the German sporting goods supplier.

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