Amer Sports falls after Wells Fargo downgrades to 'equal weight'

Amer Sports

14/10/2024 11:29

** Shares of Wilson tennis racket maker Amer Sports  AS.N 
down 2.2% at $19.13 premarket 
    ** Wells Fargo downgrades stock to "equal weight" from "over
weight" 
    ** Brokerage says China growth continues to be "impressive"
at AS, but concerns about weak consumer demand and time for
stimulus to be effective linger
    ** Still, China remains the key bright spot, while U.S. and
Europe continue to lag - brokerage  
    ** Wells Fargo raises price target to $19 from $17, saying
it remains optimistic about long-term growth while near-term may
be choppy 
    ** Brokerage sees major growth driven by expanding
direct-to-consumer presence of Arc'teryx in U.S. and China and
continued momentum at Salomon, particularly in footwear
    ** Fifteen of 17 brokerages rate the stock "buy" or higher
and two "hold"; with a median PT of $19 - LSEG data
    ** Up to Friday's close, stock had risen over 50% from
February IPO price of $13

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))