European stock indices are facing tough day as the major benchmarks are losing well over 2%. DAX index extended it’s losses from -1,2% seen early in the session and is now trading below important level of 10 000 points. Among the 30 major German companies, the only one that sees it’s share prices higher is the Adidas AG.
HSBC Bank has raised its recommendation for Adidas to buy with a revised price target at 84 EUR from 79 EUR (share is currently trading at 71 EUR). Analysts believe that the Chinese sporting goods industry gives an opportunity for Adidas to increase its market share as the sector has recovered from the slowdown seen post 2008 Olympic Games in Beijing.