Under Armour gaining in footwear sales, says Argus

Argus keeps a Buy rating and $15 price target on Under Armour but believes that the recent pullback in the shares over the past year offers investors a favorable entry point. The company was hurt during the first months of the pandemic by restrictions on team sports and retail store closures, but it has since worked to improve results by closely managing inventory, focusing on premium products, and boosting direct-to-consumer sales, the analyst tells investors in a research note. Under Armour’s SlipSpeed sneaker – a multi-purpose shoe that can be used for both training and off-field wear – has also helped the company make gains in footwear sales, the firm added.