SunTrust On Under Armour: 'Mgmt Departures Not Reflective Of Deeper Fundamental Issues'

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Under Armour Inc UA announced that Chief Merchandising Officer Henry Stafford and Chief Digital Officer Robin Thurston would be leaving the company in July. SunTrust’s Pamela Quintiliano maintained a Buy rating for Under Armour, with a price target of $55, saying that the management departures were not indicative of any deeper fundamental issues at the company.

The resignation of CMO Henry Stafford and CDO Robin Thurston comes as “another hit” in the series of departures, which includes the resignation of COO and CFO in February and that of SVP of Footwear in March. Analyst Pamela Quintiliano mentioned, however, that this did not reflect deeper issues, and instead were “personal life decisions.”

Kip Fulks has been named as the interim CMO. He is well-qualified, with solid bench strength, Quintiliano commented. She added, “Our recent channel checks have been favorable and given long lead times we don’t expect hiccups on Mr. Stafford’s departure.” Michael Lee, who would replace Mr. Thurston, is highly capable, the analyst said.

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Posted In: Analyst ColorLong IdeasReiterationAnalyst RatingsTrading IdeasPamela QuintilianoSunTrust Robinson Humphrey
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