Dylan Carden Reiterates Hold on Under Armour Amid Ongoing North American Weakness and Uncertain Turnaround Path

William Blair analyst Dylan Carden has maintained their neutral stance on UAA stock, giving a Hold rating today.

Dylan Carden has given his Hold rating due to a combination of factors, primarily the ongoing weakness in Under Armour’s core North American business and limited visibility into a meaningful rebound. Recent results showed declining revenue, with wholesale softness in the U.S. offset only partially by international and APAC strength, while margins deteriorated amid higher tariffs, product costs, and pricing pressure.

Management’s guidance is heavily weighted to the back half of the year and assumes a first-quarter revenue trough, but the outlook for fiscal 2027 reflects another transition year with slightly lower sales and only modest improvement excluding the Curry exit drag. Although tariff refunds and a better mix should lift gross margins and operational reset efforts may ultimately support a turnaround, the recovery path is gradual and uncertain. Carden therefore sees the stock as fairly valued in the near term and expects it to trade in a range until there is clearer proof of sustained revenue acceleration and a durable margin recovery.