08 Apr Under Armour Upgraded On Performance, Growth Prospects
Shares of Under Armour (UA) moved in a narrow range in early trading on the stock market after Sterne Agee upgraded the maker of athletic apparel, citing its strong recent performance and potential for growth in footwear and international markets.
Sterne Agee analyst Sam Poser upgraded Under Armour to buy from neutral and also offered a bullish forecast for 2014.
Under Armour, based in Baltimore, makes apparel, footwear and accessories and sells the gear through retail, wholesale and online channels. It has delivered double-digit sales and EPS growth in five of the last six quarters.
The trend is expected to continue when Under Armour reports its first-quarter results on April 24. Analysts polled by Thomson Reuters expect earnings to come in at 9 cents a share, up 29% from the prior year. Revenue is seen rising 27% to $598.2 million.
Those gains are expected despite the severe winter weather that hampered retail sales in many markets.