- The stock price of Under Armour Inc (NYSE: UAA) has received a price target of $20 by Argus. These are the details.
The stock price of Under Armour Inc (NYSE: UAA) has received a price target of $20 by Argus. And Argus analyst Josh Brownstein also upgraded Under Armour to “Buy” from “Hold.”
Brownstein cited the company’s Q3 earnings and it topped analyst expectations. Plus Brownstein also pointed out that the potential for an earnings recovery make Under Armour’s valuation attractive. The $20 price target is based on 10X the preliminary EPS estimate for 2022.
“UAA shares have started to recover, as demand for the company’s performance apparel, footwear, and accessories has been improving. Management has been keeping a close watch on costs, which are stable, and has signaled confidence in the company’s near-term outlook by reinstating guidance. From a technical standpoint, the shares are in a bullish pattern of higher highs and higher lows that dates to March 2020,” said Brownstein in the research note via Seeking Alpha.
Argus is not the only brokerage to set a price target on the UAA shares recently. JPMorgan assigned Under Armour a price target of $17 and assigned it a “Neutral” rating. Wells Fargo increased its price target from $15 to $23 earlier this week and it upgraded the rating from Equal Weight to Overweight. Wells Fargo analyst Tom Nikic pointed out that he has seen major turnarounds by athletic brands and he is expecting Under Armour expect to be the next one.