Susquehanna Maintains Bearish View on Under Armour (UA)
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Susquehanna is maintaining their bearish view on Under Armour, Inc. (NYSE: UA), reiterating their Negative rating and $16 downside price target, after channel checks show footwear and apparel sales trends remains challenging.
The firm said, "Apparel industry sales continue to be weak, and while performance apparel has outpaced industry trends, the category is showing only slight growth YTD, with sales decelerating moving into June. Similarly, footwear sales also slowed after a strong February and early March, particularly in May and June. Our checks indicate that retailers have increased their promotional cadence recently (particularly the sporting goods channel), and that UA is not immune."
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