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Core Viewpoint - The global sports apparel industry is experiencing a slowdown in growth after a period of rapid expansion, impacting major brands like Adidas and Nike, leading to significant stock price declines following negative ratings from Bank of America [1][5][8]. Group 1: Adidas Stock Performance - Adidas stock fell over 7% after Bank of America downgraded its rating from "Buy" to "Underperform" and reduced the target price from €213 to €160 per share [5]. - Following the release of its Q3 2025 earnings report, Adidas shares dropped more than 10%, marking the largest single-day decline since July 2025 [5]. - The company's Q3 2025 revenue reached €6.63 billion, a record for a single quarter, but fell short of market expectations of €6.71 billion [5][6]. Group 2: Market Conditions and Consumer Behavior - The sports apparel industry is facing challenges due to cautious consumer spending, macroeconomic uncertainties, and a shift in consumer preferences towards specific brands and casual wear [8]. - Nike reported a 32% year-over-year decline in net profit for Q2 FY2026, with net sales only increasing by 1% [8]. - A McKinsey report predicts a 6% slowdown in the growth of the sports apparel industry from 2024 to 2029 [9]. Group 3: Regional Performance - In North America, Adidas experienced a 5% year-over-year revenue decline when adjusted for currency effects, with only a 1% increase in revenue on a currency-neutral basis [6]. - The largest revenue contribution for Adidas in the first three quarters of 2025 came from Europe, totaling €63.11 billion, followed by the U.S. at €38.21 billion [6].