Under Armour (UA) PT Raised to $86 at FBR Capital

FBR Capital analyst Susan Anderson reiterated an Outperform rating and raised her price target on Under Armour, Inc. (NYSE: UA) to $86.00 (from $83.00).

Anderson commented, "Given Under Armour's (UA) recent success in footwear and the well-executed launch of Stephen Curry's first signature shoe, the "Curry One," we are introducing a month of UA Madness to coincide with "March Madness." For four weeks, we will publish a consumer survey each week that digs deeper into UA's brand power and consumer acceptance of its offerings. This week will focus on U.S. footwear and UA's positioning. The following three weeks will focus on its presence and expansion in key international markets. For our first survey, in early March, we conducted a survey in the U.S. that delved into UA's running and basketball footwear positioning. Overall, we found a stronger-than-anticipated brand preference for UA footwear, considering its still-early foray into the footwear market. When adjusting brand preference for relative market share size, UA was the leader in both basketball and running (an indicator of brand potential). Based on UA's brand potential, we expect accelerated growth, as its footwear share should catch up with its strong brand preference. Given our confidence in UA's growth trajectory, we raise our price target to $86 from $83 (3.8x P/S applied to 2016 sales versus 3.7x previously)."

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 $77.29 yesterday.

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