UPDATE: Deutsche Bank Initiates Coverage on Under Armour with Hold Rating, $60 PT on Full Valuation

In a report published Tuesday, Deutsche Bank analyst Dave Weiner initiated coverage on

with a Hold rating and $60.00 price target. In the report, Deutsche Bank noted, “Our Hold rating is based on a balance between several positive key themes which keeps UA a thriving, long-term growth story, but nonetheless, one that is fully valued given investment initiatives and high expectations. Key positives include continued share gains and further mix shifts in to DTC, women's apparel, and footwear. That said, with consensus already expecting 22%/21% rev./EPS growth in 2013 and with current NTM valuation already towards the upper-bound of the past 3Y range, at this point we don't see room for a lot of upside. $60 PT based on a 2013 PE/G of 185%, implying 42x. Downside if multiple retraces, upside if 2013 EBIT margin levers by >30bp y/y.” Under Armour closed on Monday at $56.68.