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Wedbush Starts Under Armour (UA) at Outperform

July 17, 2013 5:10 PM EDT
Get Alerts UA Hot Sheet
Price: $7.14 +2.44%

Rating Summary:
    14 Buy, 24 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Wedbush initiated coverage on Under Armour, Inc. (NYSE: UA) with an Outperform rating and a price target of $70.00. Analyst Corinna Freedman thinks momentum will continue.

"Despite the company's premium multiple, lack of near-term catalyst and a changing risk/reward position given the push towards more international exposure (in our view the biggest risk,) we believe continued near-term execution will fuel both top and bottom-line momentum," said Freedman.

"We find multiple growth drivers to support the premium valuation with women's, youth, footwear and international continuing to represent UA's most significant wholesale opportunities, while continued growth of direct-to-consumer operations should continue to benefit gross margins and drive further brand awareness. Strong management leadership, continued product innovation, creative marketing, key infrastructure investments and solid balance sheet also support our positive outlook for the shares," he said.

For an analyst ratings summary and ratings history on Under Armour, Inc. (NYSE: UA) click here. For more ratings news on Under Armour, Inc. click here.

Shares of Under Armour, Inc. closed at $59.82 yesterday.


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