Shares of Under Armour (UA) Turn Positive, Fight Off Morning Downgrade

Shares of Under Armour (NYSE: UA) opened down $1.67 after been downgraded at Sterne Agee (from Buy to Hold). However, the resilient shares, which are trading close to a 52-wk high, have suddenly turned positive (last trade $95.27, up 0.33 (+0.35%)).

UA shares may have also been affected by a downgrade of Nike (NYSE: NKE) (from Hold to Sell) this morning at McAdams, Wright & Ragan.

Despite a mixed economy, back on Jan. 26, 2012 UA reported Q4 EPS of $0.62, $0.02 better than the analyst estimate of $0.60. Revenue for the quarter came in at $403 million, in-line with consensus. The company essentially reaffirmed its outlook.

Last week, even CNBC's Jim Cramer made positive comments on the company...highlighting it's innovative technology.

Currently as StreetInsider's Ratings Insider, there are 12 firms with 'Buy' ratings and 10 with 'Neutral/Hold' rating.

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