UPDATE: Bank of America Raises PO on Under Armour on Near-Term Momentum

In a report published Friday, Bank of America Merrill Lynch analyst Robert Ohmes raised the price objective on Under Armour, Inc.

from $85.00 to $95.00 and maintained a Buy rating. According to the report, UA's price objective raise is 41 to 42 times their C15 EPS estimate of $2.30, a premium to their historical 35 to 40 times PE average. “Near-term top-line momentum should continue to be driven by expansion in core apparel, Direct to Consumer, and improving footwear trends. Longer term, UA should triple in revenues through growth in footwear (should become larger than apparel) and International (should become as large as the US),” the report said. “Risks are increased investments to support key launches, potential for missed execution of key launches, pressured near-term growth from a tough US environment, pressured margins related to high inventory levels, and delayed traction in international.” UA closed Thursday at $86.47.