UPDATE: JP Morgan Initiates Under Armour at Underweight on High Growth Hurdles

JP Morgan initiated coverage on Under Armour UA with an Underweight rating and a $45 price target. JP Morgan commented, "While UA's long-term growth horizon is substantial (women's, International, Footwear under-penetrated) the company is entering an intermediate growth stage (28% trailing 5-year sales CAGR), with SG&A infrastructure spending (supply chain, Int'l, e-commerce) more reality than conservatism for FY13/14 in our view. Importantly, we believe management is prudently taking steps back before forward with material Int'l growth (6% today) likely pushed to 2015/2016 and e-commerce (~8% of mix) improvement (website overhaul) not transpiring overnight." Under Armour closed at $51.31 on Tuesday.