Raymond James analyst Matthew McClintock upgraded Under Armour (UAA) to Strong Buy from Outperform with an unchanged price target of $30, representing 67% upside.

The shares closed Tuesday up 63c to $17.99.

The analyst has become more comfortable with the company's risk/return profile, particularly regarding execution risk and valuation. Under Armour is ahead of plan with new product already available at wholesale partners and selling through at higher level, McClintock tells investors in a research note.

Further, after speaking to investors, the analyst believes the ongoing communication between Under Armour and the Securities and Exchange Commission/Department of Justice is likely less to be an overhang to the stock than he originally feared.