UBS maintained a Neutral rating and $48.00 price target on Under Armour, Inc. (NYSE: UA) ahead of the company's 1Q earnings report. UBS is expecting UA to report 1Q EPS of $0.02, in-line with the Street, also at $0.02. The NT stock path will more likely focus on whether the company was able to reduce inventories in 1Q and whether UA guides above or below Consensus GMs for 2Q and 2016.

Analyst Michael Binetti commented, "We're forecasting 1Q EPS of $0.02 (Street also $0.02), and see upside risk to our est for +26.5% rev growth (Street: +28.5%). We believe UA can dispel some recent market concerns with a rev beat in 1Q, and raising '16 rev guidance (UA has raised annual rev guide on the 1Q call in each of the past 2-yrs). Upside to our 1Q rev estimate will likely be driven by: 1) better-than-expected footwear sales (we're estimating +42% YOY—well below the +95% footwear growth in 4Q); and 2) a 2nd consecutive qtr of significant sales to offprice (UA's inventory at offprice was noticeable during our store checks, and Nike has also commented on clearing inventories through offprice lately)."

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Shares of Under Armour, Inc. closed at $43.08 yesterday.