UPDATE: Piper Jaffray Reiterates Neutral, Ups PT to $74 on Under Armour

Piper Jaffray maintains its Neutral rating on Under Armor

and raises its price target to $74 from $69 per share as it tweaks estimates on margin pressure from storm and charged cotton markdowns. Piper Jaffray says, “At this point in the holiday season, we did not anticipate seeing aggressive promotions on newly introduced Charged Cotton or Storm Fleece product. That said, our recent round of pricing checks over the weekend discovered steep discounts on Men's and Women's hoodies as well as other items. … Our new EPS number goes from $.60/share to $.58/share as we believe these new pricing actions will limit the upside typically delivered by the company.” UA closed at $82.70 per share on Friday.