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As state by state and sport by sport get back to normal, Under Armour (UA, UAA) is trading near decade lows. Sure, the Q1 results weren't impressive, but the suggestion that the stock should be worth less than 50% from February levels doesn't do justice to the retail brand. My investment thesis remains highly bullish on Under Armour with a market cap below $4 billion, as the stock market isn't pricing in an obvious economic recovery with this company.