Under Armour initiated with a Hold at Needham

Needham analyst Tom Nikic initiated coverage of Under Armour (UAA) with a Hold rating and no price target Under Armour has struggled for years to set itself apart from the rest of the group in a highly competitive athleticwear market, the analyst tells investors. The shares have squeezed higher in recent weeks due to a stabilization of the company’s earnings power, but it is “hard to make a call to ‘ride the share-price momentum’ when revenues are still declining double-digits,” the analyst argues.