Why Adidas Stock Got Thumped on Tuesday
Investors clearly weren't ready to play with shares of (OTC: ADDYY) on the second trading day of the week. The athletic wear company's U.S.-traded shares lost nearly 2% in value on a day when the market generally did well, with the S 500 index closing 0.5% higher. Adidas didn't have any negative news of its own to report, but an analyst's new take on the stock triggered the sell-off.
The person behind the move was Barclays analyst Wendy Liu, who pulled the lever well before market open in the U.S. She now thinks that Adidas stock is worth only an equal weight (hold) recommendation. Previously she was an Adidas bull, tagging it as overweight (buy).
In making the downgrade, Liu also cut her Adidas price target, from 254 euros ($281) per share to 215 euros ($238).
Source Fool.com
