Progressive shares fall as Q3 earnings, revenue miss expectations
Investing.com - BTIG initiated coverage on Under Armour, Inc. (NYSE:UAA) with a Neutral rating on Tuesday. The stock, currently trading at $4.89, sits near its 52-week low of $4.72, having declined over 41% year-to-date.
The research firm cited improved business discipline and diligence compared to previous years under CEO Kevin Plank’s leadership, though it noted that his priorities and focus will require time to yield results.
BTIG acknowledged that Under Armour is taking appropriate steps toward building a healthier business, despite its smaller size, with particular emphasis on product improvement and more targeted marketing initiatives.
The firm’s analysis indicates that Under Armour’s current strategy is focused on quality over quantity, representing a shift from its previous approach to business operations.
BTIG stated it will be monitoring the sustainability of Under Armour’s improved results and watching for signs of potential inflection in top-line trends before considering a more positive outlook.
In other recent news, Under Armour has been the focus of several analyst reviews and company updates. UBS reiterated its Buy rating on Under Armour, citing confidence in the company’s brand value and predicting a strong turnaround by fiscal year 2027. Stifel also maintained a Buy rating, highlighting Under Armour as a "contrarian value opportunity" given its market cap and revenue run rate. However, Rothschild Redburn downgraded the stock from Buy to Neutral, adjusting its price target to $6.00, due to a more cautious outlook on the company’s recovery timeline.
Meanwhile, Under Armour held its annual meeting where shareholders re-elected all nominated directors to the board and approved the company’s auditor. The directors include notable names such as Kevin A. Plank and Mohamed A. El-Erian, with votes ranging from approximately 414 million to 460 million. On a different note, Jefferies lowered its price target on Lululemon to $120, maintaining an Underperform rating due to concerns over competition. This reflects parallels drawn between Lululemon’s current challenges and those faced by Under Armour in previous years.
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