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UBS slashes its rating on Adidas stock

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Yahoo Finance's Brian Sozzi breaks down why Adidas stock is moving lower today.

Video Transcript

BRIAN SOZZI: Before we head to break, let's check out shares of Adidas. Earlier this week, the apparel and footwear giant slashed its outlook as consumers cut back on spending due to recession fears. It also said it won't renew its partnership with the NHL. Now, UBS is slashing its rating on shares of Adidas. The investment bank cut its rating to hold from buy saying the company's 2025 financial targets now seem unachievable. UBS also blasted the company for strategies that have failed to gain traction.