Wells Fargo & Company Downgrades Amer Sports (NYSE:AS) to Equal Weight

Amer Sports (NYSE:AS) was downgraded by research analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Monday, Marketbeat reports. They currently have a $19.00 price target on the stock, up from their previous price target of $17.00. Wells Fargo & Company‘s target price would suggest a potential upside of 5.38% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Evercore ISI reissued an “outperform” rating and issued a $21.00 target price on shares of Amer Sports in a research report on Wednesday, August 21st. UBS Group boosted their price objective on shares of Amer Sports from $17.00 to $19.00 and gave the company a “buy” rating in a report on Wednesday, August 21st. Finally, Nomura Securities raised shares of Amer Sports to a “strong-buy” rating in a report on Tuesday, September 24th. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.86.

Amer Sports Stock Performance

Amer Sports stock opened at $18.03 on Monday. The stock has a 50-day simple moving average of $14.70 and a 200 day simple moving average of $14.06. The company has a current ratio of 1.87, a quick ratio of 0.81 and a debt-to-equity ratio of 0.58. Amer Sports has a 52 week low of $10.11 and a 52 week high of $19.73.

Amer Sports (NYSE:AS) last released its quarterly earnings data on Tuesday, August 20th. The company reported $0.05 EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.11. The firm had revenue of $993.80 million during the quarter, compared to analysts’ expectations of $947.59 million. Amer Sports had a negative net margin of 2.79% and a negative return on equity of 0.63%. The firm’s revenue for the quarter was up 16.0% on a year-over-year basis. As a group, sell-side analysts forecast that Amer Sports will post 0.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Amer Sports

Several large investors have recently modified their holdings of AS. CWM LLC bought a new stake in Amer Sports in the third quarter valued at approximately $73,000. Dnca Finance bought a new stake in shares of Amer Sports in the 2nd quarter valued at $81,000. Amalgamated Bank acquired a new stake in shares of Amer Sports during the second quarter worth $83,000. Artemis Investment Management LLP bought a new position in Amer Sports during the third quarter worth $293,000. Finally, Summit Securities Group LLC bought a new position in Amer Sports during the second quarter worth $297,000. Institutional investors own 40.25% of the company’s stock.

About Amer Sports

Amer Sports, Inc designs, manufactures, markets, distributes, and sells sports equipment, apparel, footwear, and accessories in Europe, the Middle East, Africa, the Americas, China, and the Asia Pacific. It operates through three segments: Technical Apparel, Outdoor Performance, and Ball & Racquet Sports.