UBS Maintains a 'Neutral' on Under Armour, Inc. (UA); Raising Numbers on Q1 Beat; Gross Margins Could Continue Improving

UBS maintains a 'Neutral' on Under Armour, Inc. (NYSE: UA) price target raised from $98 to $100.

Analyst, Michael Binetti, said, "We are raising our ’12 EPS to $2.41 from $2.38 (Street $2.35)—largely reflecting a $0.02 beat in 1Q. We continue to believe 2012 Street ests will rise, particularly in 2H due to: 1) solid new product innovation (ColdGear), 2) new footwear launches (Spine), 3) new distribution (dept stores), 4) 18 new outlets (and 1 new full price store), 5) signs that supply chain/sourcing initiatives are already taking hold."

Q2 lowers from $0.13 to $0.08, FY12 raised from $2.38 to $2.41, FY13 from $3.05 to $3.10.

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 $96.66 yesterday.

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