UAA - Ratings thaw on Under Armour continues with Argus turning bullish

Argus hikes its rating on Under Armour ([[UA]], [[UAA]]) to Buy from Hold on its view that the prospects for an earnings recovery make the current valuation attractive. "UAA shares have started to recover, as demand for the company's performance apparel, footwear, and accessories has been improving. Management has been keeping a close watch on costs, which are stable, and has signaled confidence in the company's near-term outlook by reinstating guidance. From a technical standpoint, the shares are in a bullish pattern of higher highs and higher lows that dates to March 2020." The firm assigns a price target of $20, which works out to 10X the preliminary EPS estimate for 2022. Yesterday, Wells Fargo turned positive on Under Armour as the slow ratings thaw on Wall Street continues.Shares of Under Armour are up 1.55% premarket.

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Ratings thaw on Under Armour continues with Argus turning bullish