UBS reiterates Buy on Adidas, sets 219-euro target; cites World Cup and running demand

According to CNBC, UBS reiterated its “Buy” rating on Adidas and kept a 12-month price target of 219 euros, implying upside from the stock’s July 3 close of 185.30 euros. UBS analyst Robert Krankowski said the ongoing FIFA World Cup could be a structural growth catalyst as Adidas seeks to strengthen its position in the U.S. market, which accounts for about 20% of company sales, and argued concerns about a one-off boost turning into a 2027 headwind are “overly simplistic.” UBS said Adidas’ North America gross margin is around 45.4% versus 50.8% group-wide, and expects scale gains to support margin improvement over time. UBS also highlighted longer-term growth from running apparel, estimating the category is about 12% of Adidas’ group sales and grew 28% in the first quarter of 2026.