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After showing poor performance in Q2, we continue to believe that Under Armour (UA, UAA) has limited upside potential. The apparel company failed to create shareholder value when the market was booming, and it’s unlikely to execute a turnaround in the current environment.
Under Armour’s decision to cut its ties with UCLA and sell its digital app MyFitnessPal shows that the company is unable to compete with Nike (NKE) and Adidas (ADDYY), as it doesn’t have enough financial flexibility to expand and is forced to shrink its business