Under Armour, Inc. (UAA) PT Lowered to $9 at UBS

UBS analyst Jay Sole lowered the price target on Under Armour, Inc. (NYSE: UAA) to $9.00 (from $10.00) while maintaining a Buy rating.

The analyst commented, "Macro pressures are having a more pronounced impact on UAA’s ongoing turnaround than we previously anticipated, weighing on near-term revenue. However, we continue to believe management is taking the right steps to reinvigorate the brand by bringing innovative new products to market and maintaining price/inventory discipline. While the net effect is pressuring UAA’s near-term outlook, we continue to see strong potential for margin accretive topline growth as the company’s innovation scales and macro hopefully improves. Plus, we believe the current stock price already reflects most of the bad news. Thus, we see a favorable upside/downside skew from here and maintain our Buy rating."

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