UAA - Under Armour clipped at Citi with topline headwinds seen

Citi drops its rating on Under Armour ([[UA]], [[UAA]]) to Neutral after having a Buy rating in place.Analyst Paul Lejeuz: "While it has easy comparisons in 1H, thinking beyond that it is hard to say that UAA will necessarily emerge from the pandemic on a path to consistent and sustainable growth. With potential topline pressure ahead from distribution rationalization and increased competition in the category, the sales recovery may not be smooth (or linear)."Lejeuz calls the risk-reward profile on Under Armour fairly balanced with shares trading at a F22 EV/EBITDA estimate multiple of 24X.Shares of Under Armour are down 1.22% in premarket trading.Yesterday, Cowen was positive on Under Armour and its chances to top earning estimates.

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Under Armour clipped at Citi with topline headwinds seen