Nomura Securities Starts Under Armour, Inc. (UA) at Neutral
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Nomura Securities initiates coverage on Under Armour, Inc. (NYSE: UA) with a Neutral rating and a price target of $38.00.
Analyst Simeon Siegel commented, "With industry-leading growth, it seems clear UA has an impressive runway ahead. However, at 50x FY17E EPS, it’s also clear this is well understood by the market. With current valuation hinging on future success, analyzing the past year’s performance against original goals can help measure the progress toward the FY18 $7.5bn revenue target (given one year ago). Based on findings below, we expect footwear to outperform the original guide and see a meaningful wholesale opportunity, but we are more cautious on the rate of growth of the larger apparel business. We launch with a Neutral rating, as we believe UA is pricing in beats to FY18 targets, which require somewhat flawless execution."
Shares of Under Armour, Inc. closed at $39.26 yesterday.
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