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Under Armour (UAA) +2% after Deutsche Bank upgrade
Sports equipment and apparel company Under Armour (UAA) ticked 2% higher on Thursday after gaining a new bull in the form of Deutsche Bank analyst Paul Trussell, who set a new buy rating.
Trussell believes that Under Armour can develop its business in a number of key areas in the coming months, and forecast a 40% rise in margin rate for fiscal 2023. Under Armour has lagged behind other athletic companies since the pandemic, after its shares slumped 20% on the stock market last year.
Deutsche Bank sees no reason why the Baltimore-based company cannot sustain a rally, especially as “multiple years of resetting the cost base, improving inventory control and pricing, and altering the distribution mix” are finally coming to fruition. Trussell also expects Under Armour’s running shoes, supported by the Curry brand, to thrive and for its general apparel to benefit from its strong tech fundamentals. He added that “multiple expansion” is possible amid rising confidence from investors and upward revisions to earnings.
Trussell capped his bullish note by adding $7 to a new $22 price target and upgrading from a neutral to buy rating. This is one of only seven buy ratings on Wall Street as the consensus for Under Armour is at hold, with a further 19 hold and two sell ratings.
Under Armour wasn’t the only apparel stock to get an upgrade by Deutsche Bank, as V.F. Corp (VFC) and Capri (CPRI) also got buy ratings, while Dillard’s (DDS) went from sell to hold. Those three companies were moving higher on Thursday, as was Under Armour, which spiked after the New York Stock Exchange opened. However, a correction in late morning shaved those gains to 1.42% as UAA traded at $18.88.
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