Raymond James Upgrades Under Armour, Inc. (UAA) to Strong Buy; 'Underrated. Underdog.'

(Updated - November 27, 2019 7:25 AM EST)

(updated to add analyst comments)

Raymond James analyst Matthew McClintock upgraded Under Armour, Inc. (NYSE: UAA) from Outperform to Strong Buy with a price target of $30.00.

"We are upgrading UAA to Strong Buy from Outperform as we have become more comfortable with the company's risk/return profile, particularly regarding execution risk, headline risk, and valuation," McClintock commented.

He highlighted:

• The company is ahead of plan with new product already available at wholesale partners and selling through at higher levels.
• We now believe that recent news regarding ongoing communication between Under Armour and the SEC/DOJ is likely less of an overhang to the stock than we originally feared.
• Valuation: We have firmed up our existing price target of $30 (~67% upside) with a price to sales analysis that shows UAA trading at a substantial discount to peers that is not captured by conventional price to earnings work.

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 $18.41 yesterday.

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