Mizuho Sees In-Line Under Armour (UA) Results, Reit. 'Buy'
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Mizuho Securities analyst Betty Chen reiterated a Buy rating and $52 price target on Under Armour, Inc. (NYSE: UA) ahead of Q3 results, which they expect to come in in-line when the company reports on 10/25/16.
Chen commented, "We expect in-line sales and reiteration of FY16 and FY18 guidance to quell concerns regarding the company’s longer-term growth prospects that drives its premium valuation. With the Rio Olympics and more favorable BTS trends as a catalyst, we believe growth in key footwear and apparel categories remain robust as cleaner inventory should allow the company to demonstrate progress with gross margin inflection. Additionally, we believe favorable commentary regarding the company’s launch into sportswear, partnership with Kohl’s in 2017, and accelerating Int’l growth should provide investors with confidence in the UA’s nascent expansion opportunities."
Shares of Under Armour, Inc. closed at $38.41 yesterday.
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