Puma upgraded to "buy"

13.02.06 - Deutsche Bank

LONDON, February 13 (newratings.com) - Analyst Lars Slomka of Deutsche Bank upgrades Puma (PUMA) from "hold" to "buy." The target price has been raised from ?255 to ?350.

In a research note published this morning, the analyst mentions that the company has reported its FY05 results ahead of expectations. Puma witnessed a recovery in its European businesses during the year, the analyst says. Deutsche Bank expects the company to return to more than 18% growth in 2007. The company expects to exceed 30% revenue growth and to achieve an EBIT of at least ?350 million this year.