Under Armour initiated with a Hold at Truist

Truist initiated coverage of Under Armour (UAA) with a Hold rating and $8 price target. The analyst says the company is in the early stages of a brand refresh. Simultaneously promoting both the performance-momentum and lifestyle segments will likely prove to be a tough task, especially as wholesale inventory congestion and softer discretionary spending trends create further headwinds for this “show me” story, the analyst tells investors in a research note.