Needham & Company Downgrades Under Armour, Inc. (UA) to Hold; Valuation Call

Needham & Company downgraded Under Armour, Inc. (NYSE: UA) to Hold with a price target of $0.00.

Needham analyst says, "We are lowering our rating on UA based on what we see as its full valuation. We are not changing our sales or earnings forecasts, but simply believe the current valuation adequately discounts its strong prospects. We upgraded the stock on August 9th at $55.93, targeting a rebound to at least $71 by mid-late 2012. The shares are now above that target, and while we continue to believe earnings surprises are more likely to be positive than negative, we believe its valuation anticipates this likelihood."

For more ratings news on Under Armour, Inc. click here and for the rating history of Under Armour, Inc. click here.

Shares of Under Armour, Inc. closed at $73.68 yesterday.

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