Wells Fargo lowered the firm’s price target on Under Armour (UAA) to $10 from $11 and keeps an Equal Weight rating on the shares following a transfer of coverage. The firm believes Under Armour shares will remain range bound over the next 8-12 months, driven by a reset in its strategic focus over next 12-18 months. Under Armour remains a “show me” story, the analyst tells investors in a research note. Wells says valuing the shares is difficult given the “depressed nature of the P&L” driven by the company’s decision to reset the business.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on UAA:
- Under Armour initiated with a Hold at Needham
- Under Armour Class A call volume above normal and directionally bullish
- Under Armour Class A put volume heavy and directionally bearish
- Under Armour price target raised to $12 from $8 at Barclays
- Under Armour (UAA) Engineers a Turnaround, But Profits Continue to Decline