Stifel lowered the firm’s price target on Under Armour (UA) (UAA) to $9 from $10 and keeps a Buy rating on the shares following the fiscal Q1 report. The firm says that while Under Armour’s fundamental visibility is poor, the stock’s valuation has “bottomed out at all-time low levels.” The market is discounting the company’s ability to ever return to profitable growth, which is an overly bearish view, the analyst tells investors in a research note. Stifel sees Under Armour’s brand value and global reach supporting an eventual turnaround.
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