Sterne Agee Upgrades Under Armour (UA) to Buy; Pullback Crease Buying Chance
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Sterne Agee upgraded Under Armour, Inc. (NYSE: UA) from Neutral to Buy with a price target of $125, saying the recent pullback creases a buying opportunity.
Analyst Sam Poser said, "The brand's performance has remained strong through a very tough 1Q14. Apparel sales are the most robust. The Speedform Apollo running shoe has come out of the gate well, and progress is being made in footwear. The International business should reach 12% penetration within the next three years. It's time to step back in and buy UA."
The firm sees FY14 results setting up well. "We are forecasting 1Q14 EPS of $0.10 on revenue of $607M (+28.8%) compared to the Factset EPS and revenue estimates of $0.09 and $598M (+26.7%). We are forecasting FY14 EPS of $1.89 versus the Factset estimate of $1.85, and implied guidance of ~$1.79. We are forecasting a FY14 revenue increase of 23.7% versus the Factset estimate of +23.6%, and guidance of +22% to 23%. We expect the numbers to work their way up throughout the year. UA will report 1Q14 results on April 24, BMO."
Shares of Under Armour, Inc. closed at $104.33 yesterday.
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