UAA - Under Armour rallies 3% after Deutsche Bank turns bullish

Deutsche Bank turns constructive on Under Armour ([[UA]], [[UAA]]) with an upgrade to Buy from Neutral. "Ultimately, our take is that Covid has been a meaningful positive catalyst for retail margin trajectory as the pandemic forced retailers to make difficult decisions about organizational structure, real estate and pace of digital investments," writes analyst Paul Trussell in a note that is positive on the apparel sector in general. Under Armour is seen generating a 40% increase in margins from the 2019 level by FY23 as "benefits are reaped" from multiple years of the company slashing costs, improving inventory control and altering the distribution mix. Shares of Under Armour are up 3.44% premarket to $19.25 vs. the 52-week trading range of $7.15 to $21.52.

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Under Armour rallies 3% after Deutsche Bank turns bullish