Adidas Turns a Corner: Technical Milestone and World Cup Fever Fuel a Rally
Published on 05/28/2026 at 04:01 | Redaktion boerse-global.de
Adidas shares have clawed back above the 200-day moving average for the first time since March 2025, a level long watched by chartists as a gauge of trend direction. The stock surged 6.15% to €166.35 on Wednesday, shaking off a year-to-date drawdown that had at one point reached 23%. It now sits just 1.25% in the red for 2026. The move was not isolated: Puma jumped 6.22% to hit a new 52-week high of €30.15, hinting at a broader rotation into sportswear as the 2026 World Cup in North America draws nearer.
The rally rests on more than just anticipation. Adidas delivered a strong first-quarter report at the end of April, with currency-adjusted revenue climbing 14% to €6.6 billion and operating profit rising 16% to €705 million. Gross margin held steady at 51.1% despite tariff headwinds and currency volatility. The direct-to-consumer channel proved particularly resilient, with global DTC sales up 22% and e-commerce advancing 25%. Chief Executive Bjørn Gulden highlighted strict discount discipline in what remains an uneven trading environment. Deutsche Bank Research called the operating performance “outstanding.”
Management has also been active on the financial front. In mid-May, Adidas placed a €500 million bond and is running a share buyback programme worth up to €1 billion. An expanded strategic partnership with shoe retailer Deichmann has further underpinned investor confidence. These moves give the company breathing room to invest ahead of the World Cup, where Adidas will kit out 14 national teams – a presence that overshadows arch-rival Nike and stokes expectations for a strong teamsport cycle.
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Technically, the picture has brightened noticeably. The stock now sits 4.17% above its 200-day moving average and 17% above the 50-day line. Over the past seven sessions it has gained 11.45%, and over the past 30 days 19.86%. The relative strength index, at 67.8 on one calculation and 65.0 on another, is approaching overbought territory but has not yet flashed a warning. Still, the shares remain 24% below the 52-week high of €219.80, while the April low of €130.60 is now 27% below.
Analysts remain broadly constructive. The consensus price target stands at roughly €202, well above the current level. Berenberg raised its target to €190, while Bernstein Research maintained an “outperform” rating with a target of €245. For the full year, the market expects earnings per share of €9.41 and a dividend of €3.63, up from €2.80 last year. The next major catalyst arrives at the end of July, when second-quarter results will reveal whether World Cup momentum is already flowing into the order books or whether the recent run is simply a repricing of the solid first-quarter foundation.
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