Amer Sports(US:AS) 智通财经网·2025-09-23 08:30Core Viewpoint - Nomura downgraded Amer Sports (AS.US) rating from "Buy" to "Neutral" and reduced the target price from $43.20 to $38.30 due to concerns over the brand image and sales growth momentum of its high-end brand Arc'teryx following environmental controversies [1][2] Group 1: Financial Performance and Guidance - Amer Sports raised its Q3 performance guidance, expecting revenue growth in the "high 20% range," significantly above the previous expectation of around 20% [1] - The adjusted operating profit margin is anticipated to exceed the previous guidance of 12%-13% [1] - The management announced mid-term growth targets during the investor day on September 18, projecting a low to mid-double-digit compound annual growth rate (CAGR) for overall revenue starting from FY2025 [1] Group 2: Brand and Market Concerns - Arc'teryx faced criticism for an event held in the Tibetan Plateau that allegedly harmed the ecological environment, leading to widespread backlash on social media and attention from some official media [2] - Despite the core customer base of Arc'teryx being less sensitive to environmental issues, public pressure could negatively impact its high-end brand image among middle-class and outdoor enthusiasts, potentially affecting sales growth [2] - Nomura slightly raised the adjusted EBITDA forecast for Amer Sports for FY2025-2026 by about 1%, but lowered the valuation multiple for Arc'teryx from 19.0x to 15.0x due to increased uncertainty in sales prospects [2]