Citi reiterates buy rating on ANTA Sports with HK$108.80 target, Adds to Catalyst Watch List

Citi analyst Xiaopo Wei reiterated a Buy rating and a price target of HK$108.80 on ANTA Sports Products Ltd. (HKEx: 2020, OTC: ANPDF).

Wei said Citi expects ANTA to reveal its 2027 Puma China strategy after the company completes its acquisition of a 29% stake in Puma, which Citi estimates will occur by the end of October.

The analyst noted expectations that ANTA may consolidate Puma China's retail and distribution business, drawing on its approach with previously acquired brands. Wei cited a weak China retail environment in the third quarter of 2026 and a shift in Nike's distribution strategy in China as part of the broader context for the outlook.

Citi has placed a 30-day upside Catalyst Watch on the stock, with Wei adding that recent commentary from Puma management on its branding and China business outlook reinforced the bank's position.

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