Amer Sports initiated with a Buy at Citi

Citi initiated coverage of Amer Sports with a Buy rating and $19 price target. Amer Sports is a diversified multi-branded portfolio company with three $1B brands: Arc’teryx, Salomon and Wilson, the analyst tells investors in a research note. The firm sees potential upside to the company’s long-term targets of low-to mid-teens sales growth driven by upside in the Arc’teryx business. In addition, both Salomon and Wilson are leaders in their categories with opportunities to grow in North America and international, contends Citi.