UBS maintains a Neutral rating on Puma's stock, citing significant risks to growth and margins, with a price target of €43.9, indicating a potential upside of 44%. In response to these challenges, Puma has initiated a cost optimization plan, 'nextlevel', aiming for an operating margin of 8.5% by 2027, slightly above its previous forecast of 8% to 8.5% for this year.