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STOCKS NEWS EUROPE-Adidas biggest DAX decliner on forex worry

Reuters - UK Focus

Adidas (Other OTC: ADDDF - news) shares fall 4.5 percent to become the biggest decliners in a weak German blue-chip index after Deutsche Bank (Xetra: DBK.DE - news) analysts cut their earnings per share forecasts for 2014 and 2015 by 8 percent and 6 percent, respectively.

"F/X (foreign exchange) headwinds in FY14 still underestimated," the headline of the analysts' research note reads, pointing out that key currencies for Adidas' sales continued to worsen in the second half of 2013.

Consensus earnings forecasts have not taken the forex effects into account and need to come down by about 8 percent for 2014 and 2015, the Deutsche Bank analysts say.

"We think FY15 targets are no longer within reach," they add.

Adidas shares are down 4.5 percent at 87.02 euros at 1100 GMT, while the DAX slips 0.9 percent.

Reuters messaging rm://jonathan.gould.thomsonreuters.com@reuters.net