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Baird added Under Armour Inc (NYSE:UAA) to its positive fresh picks list Monday. The firm called it a catch-up trade and announced it sees $30 upside potential for the stock.
Jim Cramer said he liked the Under Armour call by Baird, Monday on CNBC's "Squawk On The Street."
Under Armour has underperformed relative to its peer Nike Inc (NYSE:NKE) and it seems "people have forgotten Under Armour," Cramer said.
People tend to believe the stock can't catch up to Nike, but Cramer told CNBC he thinks the general consensus is wrong.
When a firm puts out a call the day before a company reports earnings, they "better be right," Cramer emphasized. He noted that he thinks the confidence from Baird is "very strong."
Under Armour is scheduled to announce its second-quarter financial results before the market opens tomorrow (Tues. Aug. 3).
Related Link: Understanding Under Armour's Unusual Options Activity
UAA Price Action: Under Armour has traded as high as $26.45 and as low as $9.63 over a 52-week period.
At last check Monday, the stock was up 3.18% at $21.09.
Photo by Mike Mozart from Flickr.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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