Under Armour price target raised to $8 from $6 at Truist

Truist analyst Joseph Civello raised the firm’s price target on Under Armour (UAA) to $8 from $6 and keeps a Hold rating on the shares. The shares are rising after a solid beat and raise against a low bar, the analyst tells investors in a research note. While Q3 benefited from wholesale timing and a tax adjustment that drove the majority of EPS upside, the company did raise full-year guidance for most metrics to the higher end of the previous ranges, the analyst adds .The firm believes investors likely view the near-term outlook as conservative, and remains on the sidelines until there’s more visibility into durable improvements to underlying demand trends.