Goldman Sachs lifted its target price for Anta Sports Products (02020) to HK$83.8 from HK$73 and maintained its "buy" rating.
The research house said Anta brand recorded mid-teen retail sales growth in 3Q, marginally better than 2Q. Goldman believes the trend is roughly in-line or slightly lower than the market's expectation.
While management earlier commented July-August were better than 2Q, warmer September could imply slower sales growth and resulted in higher retail discount and inventory versus the same period last year. Goldman remains positive on Anta with a balanced brand portfolio to drive sustainable long-term growth.
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