Metzler Positive on Adidas' Preliminary Q3 Figures; Buy Rating Retained

07:39 AM EDT, 10/22/2026 (MT Newswires) -- Metzler Capital Markets views adidas' (ADS.F) unscheduled financial update positively, saying the preliminary figures compares "very favorably" to early third-quarter reporting across the sector. The German sportswear giant's preliminary revenue rose 7% to 7.25 billion euros in the quarter, on currency-neutral terms, "broadly in line" with market expectations, the research firm said in a Wednesday note. Operating profit surged 37% year over year to 1.01 billion euros, 36% higher than consensus, with the results leading adidas to upgrade its full-year 2026 profit outlook. "Leveraging robust underlying margin expansion, adidas also announced a tactical EUR100mn reinvestment into efficiency initiatives in Q4. This capital deployment is explicitly designed to unlock incremental operating leverage, keeping the Group on track to achieve its mid-term profitability targets. We welcome such proactive allocation, as it reinforces structural earnings power," analysts wrote. "We see the print as providing another compelling proof point of adidas continuing to expand market share while delivering profitable growth amid a challenging environment." Metzler reiterated its buy rating on the stock, with an unchanged price target of 240 euros.