UPDATE: Jefferies Initiates Coverage on Under Armour on Full Valuation
In a report published Friday, Jefferies analyst Randal J. Konik initiated coverage on Under Armour (NYSE: UA) with a Hold rating and $71.00 price target.
In the report, Jefferies noted, “We're initiating coverage of UA with a Hold rating and $71 PT. With shares trading near all-time highs and valuation well above that of comparable peers, we believe the market is fully reflecting UA's well defined growth objectives over the medium term. Our bias on the stock is positive, but a lack of near-term catalysts combined with the risk of execution fumbles on initiatives like footwear and international offsets the potential reward for now, in our view.”
Under Armour closed on Thursday at $76.89.
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