Auriga Maintains a 'Hold' on Under Armour (UA); Cutting Estimates and PT on Expected Weak Q4

Auriga maintains a 'Hold' on Under Armour (NYSE: UA) price target cut from $82 to $70.

Auriga analyst said, "We are lowering our Q4 EPS estimate to $0.58 from $0.61 ahead of UA's Q4 earnings report on January 26. We believe UA's Q4 sell through was impacted by the unseasonably warm weather. Coldgear accounts for a large part of the mix during Fall/Holiday and discounts on Coldgear product were noted late in Q4 and into the first part of Q1. Markdowns were noted at Dicks (NYSE: DKS), Sports Authority and UA.com. We are lowering our 2012 EPS estimate to $2.28 from $2.34 to adjust for increased promotional activity during Q1. We are also lowering our PT to account for our new lowered EPS estimate and a more conservative target multiple."

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

Shares of Under Armour closed at $73.62 yesterday.

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