Goldman Raises Under Armour (UA) Price Target Raised to $63

April 22, 2013 11:22 AM EDT
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Price: $26.37 -0.49%

Rating Summary:
    19 Buy, 26 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 9
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Goldman Sachs today maintained a Neutral rating on Under Armour, Inc. (NYSE: UA) and raised its price target to $63.00 (from $57.00). Under Armour recently reported Q1 results that topped estimates, a beat driven by a shift in SG&A spend, noted analyst Lindsay Drucker Mann, although strong sales and modest gross margin expansion were positives.

In Mann's view, Under Armour's plans to sell directly to consumers is an important potential driver.

"UA opened its first direct flagship and we see the combination of owned retail + e-commerce as a huge opportunity, particularly when it comes to optimizing its footwear and women's business. Material growth potential exists in women's athletic apparel but current distribution is limiting," said the analyst.

For an analyst ratings summary and ratings history on Under Armour, Inc. (NYSE: UA) click here. For more ratings news on Under Armour, Inc. click here.

Shares of Under Armour, Inc. closed at $56.41 yesterday.

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