Oppenheimer analyst Anna Andreeva downgraded Adidas (ADDYY) to Perform from Outperform and lowered her price target on the stock to EUR180 from EUR220, calling it a victim of “tough compares” as new product launches in Footwear are not enough to transition from extremely productive franchises like Stan Smith and Superstar. Though North America is still outperforming, it has decelerated, while Western Europe continues moderating, Andreeva tells investors. She added that she sees an opportunity for Nike’s (NKE) Epic React to “claw back some share.”