Piper Jaffray Stays on the Sidelines on UA (UA) Following CFO Announcement

Yesterday, Under Armour, Inc. (NYSE: UA) announced that former PetSmart CFO Chip Molloy will become Under Armour's CFO effective January 19, 2016. This will provide roughly a one month of overlap with out-going CFO Brad Dickerson. Management believes he is a good cultural fit and has a solid background as a public-company CFO in the consumer space. From a cultural perspective, he has an athletic aptitude and was a Navy fighter pilot for 10- years

Piper Jaffray analyst, Erinn Murphy, believes that the announcement of a new CFO puts one concern aside but does not change the bigger issues of sluggish demand due in part to warm weather & higher inventory in the channel.

Murphy is at $0.44 for the quarter, $0.03 below current consensus.

No change to Neutral rating or $88 PT.

For an analyst ratings summary and ratings history on Under Armour, Inc. click here. For more ratings news on Under Armour, Inc. click here.

Shares of Under Armour, Inc. closed at $80.37 yesterday.

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