Ac t i o n | 19 Jun 2026 00:00:00 ET │ 18 pages PUMA SE (PUMG.DE) We revisit gross margin analysis and summarize investor feedback post our recent upgrade to Buy CITI'S TAKE Updating to reflect further analysis following investor meetings on our PUM upgrade. Conversations with investors focused on three areas: (1) Feasibility of our China growth assumptions; (2) Upside risk to our FY26e gross margin forecast from clearance activity; (3) Concern around the potential for PUM to undertake a dilutive equity rai ...