Under Armour price target lowered to $10 from $12 at BMO Capital

BMO Capital analyst Simeon Siegel lowered the firm’s price target on Under Armour to $10 from $12 but keeps an Outperform rating on the shares after its Q4 results, below-consensus guidance, and the announced restructuring plan. The firm notes that the management’s discussion about brand elevation through revenue contraction should shift the discussion on Under Armour from that of a struggling growth story to an undervalued brand turnaround. Transitions take time, but this is a long-term positive for the brand, the analyst tells investors in a research note.