UBS believes in Under Armour turnaround after athletic wear survey

UBS analyst Jay Sole says the firm’s annual global athletic wear survey reinforces its conviction that Under Armour (UAA) remains one of the world’s best known and liked athletic wear brands. Investors are “materially” undervaluing the Under Armour brand name, the analyst tells investors in a research note. UBS views the company as “turnaround stock” and believes it will achieve a 25% annual earnings growth over the next five years. This growth will positively surprise the market, contends the firm. It thinks improving North America sales growth will boost the stock’s valuation. UBS keeps a Buy rating on Under Armour with an $8 price target