RBC Capital Markets downgraded Adidas from 'outperform' to 'sector perform,' citing limited upside catalysts and elevated consensus expectations for 2026. The brokerage lowered its 12-month price target to €160 from €190, sending shares down over 2% in response.

RBC forecasts 2026 organic revenue growth of 7%, roughly 4 percentage points below consensus, with the World Cup contributing about 4 percentage points. Underlying growth is expected to slow to 3%, reflecting the brand's maturing cycle and large revenue base. The brokerage also cut its EBIT estimate by 8%.

The bank projects an EBIT margin of 9.3% for 2026, significantly below the 10% consensus. RBC sees limited visibility for a near-term re-rating, despite Adidas' valuation trading below historical levels. Investors will watch for execution on turnaround efforts beyond the World Cup halo effect.