Amer Sports

AS · NYSE

$28.24−$0.74 (−2.55%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $28.98

AS analyst rating

BuyConsensus of 11 analysts over the last 12 months. 91% rate it a buy.

Strong buy0
Buy10
Hold1
Underperform0
Sell0

12-month price target · 27 analysts

Average $47.65 (+68.7% upside)

Low: $31.31
Now: $28.24
High: $70.35

Upgrades and downgrades

The latest rating actions, newest first

AS analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Jefferies	Oct 13, 2026	Initiates	Buy	$42.00	51%
Wells Fargo	Sep 18, 2026	Maintains	Overweight	$45.00 → $40.00	54%
BTIG	Sep 18, 2026	Maintains	Buy	$42.00	50%
Morgan Stanley	Sep 10, 2026	Initiates	Equal-Weight	$31.00	56%
BTIG	Sep 10, 2026	Initiates	Buy	$42.00	50%
BMO Capital	Sep 9, 2026	Initiates	Outperform	$38.00	77%
Truist Securities	Aug 19, 2026	Maintains	Buy	$50.00 → $42.00	20%
Barclays	Aug 19, 2026	Maintains	Overweight	$49.00 → $50.00	55%
JP Morgan	Aug 4, 2026	Maintains	Overweight	$59.00 → $64.00	56%
Truist Securities	May 20, 2026	Maintains	Buy	$49.00 → $50.00	20%

The case for and against

Updated Oct 23, 2026

Bull case

Amer Sports is positioned to outperform because its 10-brand portfolio is scaling across underpenetrated niches with strong consumer demand, led by Salomon and Arc’teryx, while the business remains relatively autonomous outside China and can tailor strategy by brand and region. Management’s long-term framework points to a LDD% to mid-teens revenue CAGR, 30-70 bps of annual operating margin expansion, and more than $14B of sales with a 16% EBIT margin by 2031, supported by DTC growth, premium wholesale, and mix shifts toward higher-margin categories. The company’s 2025 revenue base of $6.6 billion, geographically diversified mix, and strong cash generation reinforce a durable growth-and-margin story that still appears underappreciated versus the broader sector.

Bear case

Amer Sports is supported by a net cash position after repaying long-term debt earlier this year, but that flexibility is being directed mainly toward brand investment, DTC buildout, IT, and infrastructure rather than meaningful buybacks or M&A. The outlook is negative because growth remains dependent on a still-early portfolio, while Outdoor Performance margin expansion is now expected at only 20-60+ bps annually, reflecting reinvestment and a softer operating leverage profile than previously expected. Elevated risk from concentrated ANTA ownership, FX and tariff exposure, weakening discretionary spending, and the chance that new products disappoint all threaten earnings durability despite $6.6 billion in 2025 revenue across the Americas, EMEA, China, and Asia-Pacific.

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