DA Davidson Upgrade Under Armour Over Top Of Trading Range

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Under Armour

shares are trading sharply higher by $2.87 at $80.91 in Friday's session. The Street is siding with DA Davidson's analyst, Andrew Burns, who upgraded the the issue from Neutral to Buy and maintained its $91 price target. The upgrade has shaken the issue out of a trading range from $76.15 to $80.02 that has persisted since April 29. An even tighter consolidation period had taken place over the last five trading sessions. During this period, it had been confined to less than a $1.50 trading range between $77.55 and $78.94. After a higher open *($79.40 vs. Thursday's close of $78.04) above the top of the range, it retreated to $79.16, before resuming its rally. So far, it has reached $81.15 before falling back under $81. The high for the session coincides with its April 28 high ($81.16). Today's price action is taking place on higher than average volume. So far, it has traded 1.8M shares compared with its 20 day average of 1.5M with over three hours remaining in the session.