Checks Strong on Shoe Sales at Under Armour, Inc. (UA), Sterne Agee Bumps Price Target

Analysts at Sterne Agee reiterated their Buy rating on Under Armour Inc. (NYSE: UA) and raised their price target to $64.00 (from $57.00).

“Based on our channel checks, it appears as if the Spine RPM is gaining momentum and seeing double digit sell throughs,” said analyst Sam Poser. “Buyers from a large retailer said they were ‘thrilled’ and called the results ‘excellent’. At the time, the same retailer said that the women's Micro G Connect running shoe was also performing well. The core customer for both shoes appears to be teenagers, which makes sense as we see Under Armour as a brand that young people will grow up with. We have also heard that the spring 2013 footwear looks even better than what's in the market place today, which is very good for UA following many fits and starts with non- cleated footwear over the past few years."

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 $56.69 yesterday.

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