In a report published Wednesday, Canaccord Genuity analyst Camilo Lyon reiterated a Buy rating and $68.00 price target on Under Armour UA.
In the report, Lyon noted, “UA was off 3.5% yesterday on what we believe were spill over product quality concerns stemming from a supplier that also manufacturers product for lululemon athletica (LULU : NASDAQ : $64.08 | BUY). While the root cause of LULU's too-sheer pants is still unknown, we believe those issues are unique to LULU and not a systemic problem at the manufacturing level. To our knowledge, UA has suffered no production quality problems and therefore any attribution of the like is misplaced.UA is attending a conference at which we believe they will reiterate this thinking and as such, we would use the weakness as a buying opportunity. We reiterate our BUY rating and $68 target.”
Under Armour closed on Tuesday at $48.48.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in