FBR affirms Under Armour, Inc. (NYSE: UA) with an Outperform rating and $115 price target after the company announced that Chief Operating Officer and Chief Financial Officer Brad Dickerson will be stepping down to pursue another professional opportunity.

Analyst Susan Anderson, CFA, noted the UA has both the talent to deal with the departure and time to create a smooth transition. The analyst continued, We do not believe the departure is indicative of potential issues with revenue growth or profitability and that the metrics laid out at the recent investor day remain intact. We expect a smooth transition, with ample time to shift responsibilities and to obtain new talent prior to Mr. Dickerson's departure. Recall, Mr. Dickerson was only relatively recently named COO (early 2015) as Kip Fulks transitioned to the head of footwear and innovation. Given UA's status as a pre-eminent growth company in performance active apparel/footwear, we do not believe that it will have difficulty securing top-tier talent for the CFO role. Underpinned by product innovation and a growing market, we continue to expect multiple years of ~30% revenue growth and we reiterate our Outperform rating.

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