Goldman Sachs has revised its price target for Amer Sports (AS, Financial), lowering it from $33 to $28 while maintaining a Buy rating on the shares. This adjustment comes as the firm adopts a more cautious outlook for the U.S. apparel and softlines sector due to an increasingly uncertain macroeconomic environment.
In its latest assessment, Goldman Sachs scaled down its U.S. GDP growth forecast significantly. The new projections suggest a growth of just 0.5% for 2025, a sharp decline from the anticipated 2.5% for 2024, measured on a quarter-to-quarter basis. This shift accompanies an increased projection of a 45% chance of the U.S. entering a recession.
While Goldman Sachs has not fully factored in a recessionary scenario into its estimates, the firm highlights several contributing factors to potential downside risks in earnings. These include ongoing market volatility, escalating geopolitical tensions, and rising tariff rates, which collectively weigh on the economic outlook.
