Jefferies analyst James Grzinic initiated coverage of European sporting brands, starting Adidas (ADDYY) with a Hold rating and EUR 292 price target and Puma (PUMSY) with a Buy rating and EUR 83 price target. Grzinic calls Puma the "best Western play into China," stating that he is impressed by its Chinese ambitions, and while it is too early to fully assume a successful U.S. basketball relaunch, his estimates are 11% above FY21 consensus due to his more bullish view on China. On Adidas, he assumes "brand heat" will remain strong in the U.S. in 2020, but is "more circumspect" on Chinese mid-term prospects, Grzinic tells investors.