** UBS cuts Puma PUMG.DE from "neutral" to "sell" as it sees more challenges ahead, which might lead to further deterioration in its performance before a turnaround
** The company's latest results reinforced concerns about structural challenges, which could result in slower top line growth and softer margins, it says
** This is mainly due to an ever evolving competitive landscape, the pivot towards the margin dilutive direct to customer channel and pressure in the wholesale channel from rivals Adidas ADSGn.DE and Nike NKE.N, it adds
** This could prompt a strategic overhaul and initiate the brand's turnaround process, but an increase in investments would keep EBIT margin at around 5% for a prolonged time, UBS says
** Shares dropped as much as 23% after Puma reported results earlier this week and, up to the previous session's close, they were down 50% YTD
(Reporting by Isabel Demetz)
((Isabel.demetz@thomsonreuters.com))
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。