Under Armour (UA) PT Lifted to $90 at Piper Jaffray on Footwear Pipeline

Piper Jaffray analyst Erinn Murphy reiterated an Overweight rating and boosted her price target on Under Armour, Inc. (NYSE: UA) to $90.00 (from $84.00), saying travels with retailer Finish Line shows the footwear innovation pipeline remains strong.

Murphy commented, "Following travels with Finish Line management, we are highlighting UA as a positive derivative based on how this key partner views the brand's future product innovation. For context, FINL buys footwear 9 months out. While we recognize NKE makes up the majority of sales (70%), management was bullish on UA's current momentum in footwear--both in basketball and running. UA is roughly 5-7% of Finish Line's sales but could be closer to 10% overtime should the momentum continue. Recall in the most recent 2 qrtrs, UA saw consolidated footwear growth in excess of 50%. The Steph Curry shoe remains in high demand and FINL mgmt believes there is more innovation coming down the pipeline to enhance this platform. In addition, FINL believes the brand's running assortment is its best yet and sees room for a broader platform in the future."

For an analyst ratings summary and ratings history on Under Armour, Inc. click here. For more ratings news on Under Armour, Inc. click here.

Shares of Under Armour, Inc. closed at $82.72 yesterday.

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