Market Overview

Adidas' Gain Is Nike And Under Armour's Pain In Foot Locker Online Sales

Share:
Adidas' Gain Is Nike And Under Armour's Pain In Foot Locker Online Sales
Related FL
The Hottest Shoe Stock May Surprise You
The Bullish And Bearish Points Of Foot Locker's Solid Q3
Foot Locker's Great Performance Leads It to One-Year High (GuruFocus)
Related ADDYY
Industry Expert Discusses The Future Of 3D Printing: Consumer Products And Energy Efficiency
The Hottest Shoe Stock May Surprise You

The latest data from Foot Locker, Inc. (NYSE: FL) confirms that adidas AG (ADR) (OTC: ADDYY) has stolen the athletic footwear momentum away from rivals Nike Inc (NYSE: NKE) and Under Armour Inc (NYSE: UA).

According to Jefferies analyst Randal Konik, good news for Adidas is bad news for Nike and Under Armour.

Konik recently reported Jefferies proprietary Foot Locker data scrub trends for the month. According to Konik, Adidas now has “many additional” products among Foot Locker’s top 60 sellers compared to the same time a month ago.

“This emergence is likely to soak up some of NKE and UA’s market share in both running and basketball, with bigger emphasis on the running category,” Konik explains.

Related Link: Nike's Getting Back In Shape While Under Armour Slows Down

The data confirms a report earlier this week by Morgan Stanley that Adidas seems to have captured the momentum from Under Armour and Nike in recent months.

Jefferies is cautious on Under Armour’s stock ahead of Q3 earnings on October 25 and is worried the company will not be able to produce numbers to justify the stocks lofty valuation.

Despite the recent body blow from Adidas, Nike remains one of Jefferies' core long-term holdings.

So far in 2016, Adidas shares are up 79.1 percent, while Nike and Under Armor shares are down 17.9 percent and 5.0 percent, respectively.

Latest Ratings for FL

DateFirmActionFromTo
Nov 2016PiperJaffrayDowngradesOverweightNeutral
Nov 2016WedbushInitiates Coverage OnOutperform
Sep 2016GuggenheimInitiates Coverage onNeutral

View More Analyst Ratings for FL
View the Latest Analyst Ratings

Posted-In: Jefferies Randal KonikAnalyst Color Sports Analyst Ratings General Best of Benzinga

 

Related Articles (FL + ADDYY)

View Comments and Join the Discussion!