UPDATE: Goldman Sachs Resumes Under Armour with Neutral Rating on Long-Term Growth Initiatives

In a report published Thursday, Goldman Sachs analyst Lindsay Drucker Mann resumed coverage on Under Armour

with a Neutral rating and $57.00 price target. In the report, Mann noted, “We resume coverage of UA with a Neutral rating. UA is a compelling long-term investment, with significant out-year earnings opportunity as the brand expands across categories and channels, and the margin profile improves. Over the next 6-12 months a number of initiatives to drive long-term growth are being digested, but we await visibility to the timing of their impact before getting more constructive. Our $57, six-month price target implies +12% upside.” Under Armour closed on Wednesday at $50.97.