Susquehanna Upgrades Under Armour to Positive Ahead of Q1 Report Friday

Shares of Under Armour UA are up more than 1.5 percent Monday morning following several upgrades this morning. Susquehanna's Christopher Svezia raised his investment rating on Under Armour shares from Neutral to Positive and boosted the price target from $53 to $68. The upgrade comes ahead of Under Armour's Q1 earnings report on Friday. Svezia said, "Mild softness in seasonal product was likely more than offset by auto-replenishment" of colder-weather products, leaving "room for upside on margins and sales." The analyst believes Under Armour managers will "have better visibility on 2H that could support moderately higher sales and margin targets." Svezia is expecting Under Armour execs to reiterate long-term goals at an analyst gathering in June. With Under Armour shares last trading at $57.93, Svezia's new price target implies potential upside of about 17 percent.