Piper Jaffray Upgrades Under Armour, Inc. (UA) to Overweight
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Piper Jaffray upgraded Under Armour, Inc. (NYSE: UA) from Neutral to Overweight with a price target of $44.00 (from $40.00).
Analyst Erinn E. Murphy commented, "We are upgrading UA from Neutral to Overweight on the heels of our 32nd semi-annual Taking Stock With Teens survey. While we are leaving our estimates unchanged, we are raising our multiple from 55x to 60x our FY17 EPS on the belief that UA shares are poised for re-accelerated global growth. From an industry perspective, the sporting goods channel is less noisy than when UA pre-announced on 5/31. Further, we believe UA's inventory is in good shape, noting Q2's inventory growth of 30% vs. sales growth of 28%. Going forward, we see four positive catalysts: 1) uptrend in athletic footwear; 2) improved traction in women's; 3) accelerating international growth with profitability inflecting; and 4) Kohl's roll-out which we believe can be $150-$200M next year. Importantly, UA did not guide its 2H to assume a "cold winter." Should cold weather materialize, we see upside to the top-line."
Shares of Under Armour, Inc. closed at $38.52 yesterday.
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Related EntitiesPiper Jaffray, Erinn Murphy
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