JPMorgan Upgrades Under Armour to Overweight With $29 Price Target

JPMorgan analyst Matthew Boss upgraded Under Armour to Overweight from Neutral and raised his price target for the shares to $29 from $23.

The shares closed yesterday up 52c to $21.88.

After meeting with management including CEO Kevin Plank, Boss says the clear tone from the top was "controlled confidence" in the brand direction with "disciplined" fiscal 2020 global top- and bottom-line growth acceleration.

This will be driven by the combination of product, innovation, and marketing after management's three-year strategic "shrink phase" completed exiting fiscal 2019, Boss tells investors in a research note. He believes this translates into a favorable multi-year risk/reward on shares of Under Armour.