Mizuho Securities reiterated a Buy rating and $95.00 price target on Under Armour, Inc. (NYSE: UA), despite concerns regarding Sports Authority’s announced bankruptcy restructuring. Mizuho believes that the company’s core apparel and footwear categories continue to demonstrate solid market share gains. Checks suggest strength within footwear remains broad-based and driven by basketball and the premium segment with $100+ category which is expected to continue into 2016.

Analyst Betty Chen commented, "Despite concerns regarding Sports Authority’s announced bankruptcy restructuring, UA reiterated FY16 guidance and continues to expect FY16 sales $4.95bn and EBIT of $503mm, no change to guidance issued 1/28/16. We estimate Sports Authority was ~5% of total sales as management believes the company will be able to offset the impact of the bankruptcy with sales to other channels and customers. We believe Dick’s remains the largest customer representing ~12% of sales in FY15. UA said it does not believe there is material impact to its receivables from the restructuring. Moreover, we note UA continues to sell its product at Sports Authority which operates 463 stores, of which 140 are slated for closure."

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Shares of Under Armour, Inc. closed at $83.09 yesterday.