Cowen Raises Price Target on Under Armour (UA) to $120 Following Investor Day
Cowen reiterated an Outperform rating on Under Armour, Inc. (NYSE: UA), and raised the price target to $120.00 (from $112.00), following the company's investor day. Management initiated FY18 revenue and operating income targets of $7.5B and $800MM respectively.
Analyst John Kernan commented, "UA issued revenue and operating income CAGR targets of 25% and 23% though 2018 at its investor day. Management's revenue targets could ultimately be conservative given the accleration in investments. We are raising our PT to $120 from $112, reflecting FY17 multiples of 67x PE, 31x EV/EBITDA and 4.5x EV/Sales."
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Shares of Under Armour, Inc. closed at $103.36 yesterday.