Amer Sports (AS) Shares Plunge 4.59% Amid Strategic Uncertainties, Macroeconomic Pressures

Amer Sports (AS) shares plunged 4.59% intraday on October 14, 2025, hitting a level not seen since May 2025, as mixed market sentiment and strategic uncertainties weighed on investor confidence. The decline came despite the company’s Q2 earnings outperformance and full-year guidance upgrades, highlighting ongoing volatility amid macroeconomic headwinds and internal transitions.

Recent volatility has been amplified by large options activity, with 24,526 put contracts traded—a 1,177% surge from the average—suggesting hedging or bearish positioning. This contrasts with earlier analyst optimism, as firms like Bank of America and TD Cowen raised price targets to $45.00, citing strong demand for premium brands like Arc’teryx and Salomon. However, some analysts downgraded the stock post-Q2, flagging slowing growth at Arc’teryx and concerns over tariff impacts, despite management’s confidence in pricing power.

Institutional investors have shown a divided stance, with firms like Fox Run Management and Deutsche Bank increasing holdings, while others reduced stakes. This divergence underscores uncertainty about the company’s ability to sustain momentum amid leadership changes. Notably, the CEO of Wilson Sporting Goods, a key subsidiary, is set to step down, potentially reshaping competitive dynamics in the sports equipment sector. Wilson’s performance has historically been a critical revenue driver, and any strategic shifts could influence Amer Sports’ broader market position.

While the company reported 23.4% year-over-year revenue growth and raised full-year projections, mixed reactions to updated Q3 guidance added to near-term uncertainty. The projected EPS range of $0.200–$0.220, slightly above consensus, was tempered by narrower margins than expected. Long-term targets, including a $5 billion revenue goal for Arc’teryx by 2030, remain ambitious but face scrutiny as investors balance optimism over brand resilience with short-term execution risks.

Ongoing global tariffs continue to pose challenges, though management has emphasized adaptability through cost management and brand loyalty. The recent price decline reflects a broader tug-of-war between strong fundamentals and macroeconomic pressures, leaving investors cautious about near-term volatility despite the company’s strategic strengths in premium markets.