Puma clears a fresh analyst cluster, shares trade lower on Xetra

By Anna Wagner, Analysts & Consensus desk. Reviewed prior to publication on 2026-06-26, 15:35.

Puma (DE0006969603) sits in the MDAX with its shares trading on Xetra around the mid-20-euro range today. The focus at the end of the week is on a cluster of fresh analyst comments from Goldman Sachs, Deutsche Bank, Bernstein and HSBC on the stock.

What Goldman and Deutsche Bank say

On June 24 Goldman Sachs reiterated its Buy rating on Puma and lifted the 12-month price target to 33 euros, according to a MarketScreener summary of the bank's note.Goldman Sachs target update via MarketScreener The US house points to continued brand strength and margin potential despite a normalizing demand backdrop.

Deutsche Bank, by contrast, assigns a Neutral rating to Puma in its June 24 update, also reported by MarketScreener.Deutsche Bank rating summary The German bank's stance underscores that, at current levels, it sees limited upside without clearer signs of an accelerating topline.

Bernstein and HSBC add caution and support

Bernstein added a more cautious tone this week, forecasting a "tougher" second-quarter topline for Puma amid normalized activity and challenging comparables, as captured in a June 24 analyst piece.Bernstein commentary on Q2 topline The note highlights that last year's strong sell-out and wholesale restocking set a high bar for this quarter.

Earlier in the month HSBC upgraded Puma to Buy, arguing that execution has improved and that the company can gain share in key footwear and apparel categories, according to a June 16 analyst roundup.HSBC upgrade summary RBC simultaneously reiterated a Neutral stance, underlining the split view across the coverage universe.

The business behind the stock

Puma generates most of its revenue from sports footwear, apparel and accessories, with the core franchise built around lifestyle and performance shoes such as the Puma Suede and running models. The company distributes globally through wholesale partners, own retail stores and e-commerce platforms.

Where the shares trade today

The Puma shares (DE0006969603) trade on Xetra at 26.33 euros as of 2026-06-26, 14:30, according to MarketScreener's Xetra quote.

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