Citi analyst Paul Lejuez reiterated a Sell rating and $4.75 price target on Under Armour, Inc. (NYSE: UAA), according to a press release statement.

Lejuez said the firm anticipates an in-line first-quarter fiscal 2027 earnings per share result, based on slightly stronger sales but lower gross margin compared to consensus estimates. The analyst noted that North American trends remain weak, with wholesale yet to stabilize following a multi-year decline, though data suggests direct-to-consumer traffic trends are accelerating sequentially.

Citi raised its first-quarter and full-year fiscal 2027 EPS estimates to reflect a tariff refund benefit of approximately 600 basis points, which had been excluded from prior estimates. The analyst noted that EMEA has trended relatively better than North America and expects that to continue in the first quarter.

Lejuez said the firm expects management to reiterate full-year fiscal 2027 guidance and maintained the price target at $4.75, stating that "the risk-reward still skews to the downside with few tangible signs of a NAM inflection."

Shares of Under Armour closed at $7.28 prior to the announcement.