Why did Adidas stock drop today?

The main driver was an RBC downgrade to Sector Perform with a €160 price target, citing a tough market and optimistic 2026 estimates. Goldman Sachs also reduced its target to €180 while keeping Neutral. Together, these updates pressured sentiment and drove a roughly 6% intraday decline on elevated volume.

Is Adidas stock a buy after this decline?

It depends on risk tolerance and time horizon. Valuation sits around 22x earnings and 1.10x sales, with weak momentum below the 50-day and 200-day averages. Our system grade is B with a Hold suggestion. Many investors may wait for the 4 March results and a reclaim of €160 resistance.

What price levels are important now?

Near-term, €150 is key support, with the recent year low at €150.40. On the upside, €160 is first resistance and aligns with the new RBC target. The 50-day average near €162 and the 200-day near €184 are trend markers many traders watch before turning more constructive.

What should investors watch in the March earnings?

Focus on inventory days, gross margin, and 2026 guidance. These items address concerns raised by RBC. Also watch revenue growth, direct-to-consumer mix, and any comments on demand in Europe and China. Confirmation of improving cash flow would help support the current valuation.

Global Market Insights

ADS.DE Stock Today: January 23 RBC Downgrade Knocks Adidas 6%

ByDanny Kontos January 23, 2026January 23, 2026

Adidas stock fell sharply today after an RBC downgrade sparked selling across sportswear names in Germany. Shares of ADS.DE traded near €152, with the move briefly touching the lowest level since March 2023. RBC cut its rating to Sector Perform and set a €160 price target, citing a tough market and optimistic 2026 expectations. Goldman Sachs also trimmed its target to €180 and kept Neutral, adding to caution into March results. We break down what this means for German investors.