0523 GMT - Adidas is demonstrating strong brand momentum and good execution despite a mixed backdrop for retail, RBC Capital Markets' Piral Dadhania writes in a note to clients. The German sportswear company late Tuesday raised its earnings guidance for the year after booking a U.S. tariff refund and an underlying surge in operating profit. The prospects for earnings growth look attractive, as does the company's valuation, Dadhania says. RBC has an outperform rating and a 200-euro target on the stock. Shares closed Tuesday at 158.10 euros.
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