Puma "neutral," target price raised

14.02.07 - J.P. Morgan Chase & Co.

LONDON, February 14 (newratings.com) - Analysts at JP Morgan maintain their "neutral" rating on Puma AG (PUM), while revising their estimates for the company. The target price has been raised from ?288 to ?318.

In a research note published this morning, the analysts mention that the company is likely to report robust sales growth for 4Q06, with continued strong order growth. The upward revision in the target price reflects a shift in the base year, the analysts add. The EPS estimate for FY06 has been raised by 2%. The EPS estimate for FY07 has been reduced by 2% to reflect the adverse currency effects.