Puma Shares Surge as Bank of America Reverses Bearish Stance

In a dramatic shift that caught market participants off guard, Bank of America Securities has executed a complete about-face on its assessment of Puma SE, sending the sportswear manufacturer’s stock sharply higher. The financial institution abandoned its previously negative outlook, upgrading the stock from “Underperform” to “Neutral” while simultaneously implementing a massive 64% increase to its price target.

The bank’s revised valuation now stands at €23 per share, a substantial jump from its previous €14 target. This unexpected change in sentiment triggered immediate buying activity, with Puma shares advancing more than 5% to reach €22.17 during trading.

Market strategists at Bank of America cited multiple factors driving their renewed optimism:
– Reduced estimation risks in the company’s financial projectionsRead more...