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Pivotal Research analyst Mitch Kummetz upgraded Under Armour (UAA) to Buy from Hold with a price target of $20, up from $15.

The company is better off today than before COVID hit, and that's not reflected in the stock, Kummetz tells investors in a research note. COVID has elevated athletic demand, which is a "rising tide" for Under Armour, says the analyst. Further, Kummetz believes the pandemic has accelerated e-commerce adoption, which favors apparel/footwear vendors in general.

The analyst adds that Under Armour's sets up better than guidance, partly based on the preliminary results of his firm's December footwear survey.