Under Armour, Inc. (UAA) PT Lowered to $27 at Cowen

Cowen analyst John Kernan lowered the price target on Under Armour, Inc. (NYSE: UAA) to $27.00 (from $28.00) while maintaining an Outperform rating.

The analyst commented, "We like mgmt’s decision to repurchase ~3.4% of the shares o/s with the stock trading 18x FCF (its lowest FCF multiple since the 2005 IPO). The entire repurchase authorization, at today's levels, would equate to buying back just under ~6% of shares. We’re shifting our Fiscal Year estimates (March 2023 year-end) and price target to $27, representing 25.5x our FY23 EPS, 14.2x EV/EBITDA and 1.8x EV/Sales – which suggest 50% upside in the stock. Supply chain and cost inflation dynamics render modeling the entire Athletic Footwear and Apparel sector more challenging."

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