Amer Sports (NYSE:AS) saw its shares climb 1.7% in premarket trading after HSBC upgraded the stock from Hold to Buy, highlighting strong sales growth prospects and potential margin expansion thanks to the company’s strategically positioned portfolio.
HSBC also raised its price target from $38 to $50, reflecting higher earnings projections, with the bank’s EBIT forecasts for 2025–2027 now 12% above consensus estimates.
While the company’s story had previously centered on the Arc’teryx brand and the Greater China market, HSBC noted that Amer Sports is entering a more balanced and globally diversified growth phase.
“Amer Sports is well-positioned for its next growth chapter, supported by the global roll-out of Arc’teryx and Salomon brands,” the bank said.
The company is expanding its retail footprint across multiple regions. Arc’teryx plans to open 25 new stores this year, primarily in North America, with a similar number projected next year for more regional balance. Salomon is adding roughly 100 stores in Greater China, alongside 3–4 in the U.S. and 5–10 in Europe. Wilson continues to grow in Greater China, opening 50 additional Tennis 360 concept stores this year.
HSBC also emphasized product diversification as a key driver, with Arc’teryx expanding into footwear and women’s categories, Salomon broadening its apparel and accessories offerings, and Wilson growing its soft goods business.
The upcoming Investor Day on September 18 in Vancouver is expected to act as a significant catalyst, with management likely providing long-term guidance for the full portfolio and detailed plans for Arc’teryx’s global rollout strategy.
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