Downside risks to achieving our target price include: macro uncertainty, exposure to the North America wholesale channel, exposure to volatile global markets, highly competitive ahtletic market with potential for the promotional environment to ramp up, key executive risk, and fashion risk.
Upside risks that could lead to the shares deviating from our target price include: the promotional environment improves, that the macroeconomic backdrop becomes more stable, and/or that the brand cache improves and drive sales upside.
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