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In a research report published today, Morgan Stanley believes that Charged Cotton will play a bigger role in sales growth for Under Armour
UA over the next few years.
According to Morgan Stanley, “Taking into account survey data which looks at current penetration, consumer's intentions (new and repurchase), as well as potential replacement cycle, we estimate Charged Cotton could contribute $300-450M in annual sales within the next five years. Furthermore, we expect it to contribute to 3% sales growth in 2012, escalating to 6% total sales growth for the company in 2013.”
Morgan Stanley maintains its Overweight rating and $106 PT on Under Armour, which closed Friday at $92.22.
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