Jefferies analyst Randal Konik upgraded Under Armour (UAA) to Buy from Hold saying the "bottom has formed."
The Under Armour brand has strengthened and athletic apparel demand is robust, Konik tells investors in a research note, citing his firm's updated proprietary survey of 2,000 consumers when compared to three years ago. The buying opportunity is now amid a compressed valuation and negative sentiment, the analyst proclaims. He raised his price target for Under Armour shares to $27 from $19.
The stock closed yesterday down 10c to $18.98. Konik also added the shares to his firm's Franchise Picks List, or a list of Jefferies' best ideas.
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