Citi analyst Paul Lejuez lowered the firm’s price target on Under Armour to $12 from $13 and keeps a Neutral rating on the shares. The company beat Q3 earnings estimates but gross margin disappointed driven by higher than expected promotions, the analyst tells investors in a research note. With excess inventory still in the marketplace, Under Armour expects promotions to remain elevated through at least Q1 of 2024, Citi points out. It believes the stock’s risk/reward is balanced.
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