Canaccord Genuity Reiterates Buy on Under Armour (UA) Ahead of Investor Day Presentation

Canaccord Genuity reiterated a Buy rating and $105.00 price target on Under Armour, Inc. (NYSE: UA) ahead of the company's investor day presentation. Analyst Camilo Lyon said that UA's September 16th presentation will most likely serve as a catalyst.

Lyon commented, "UA's investor day presentation on September 16th will likely serve as a catalyst for the stock. As it has done in past events, we anticipate UA will provide an update to its threeyear sales and EBIT dollar growth targets, likely keeping both in the 20-25% annual growth range. Recall at its last investor event in 2013, the company issued 2016 sales and operating income guidance of $4B and $480M, respectively; targets it is on pace to blow past (by $750M and $50M, respectively). Applying the midpoint of the growth rates to our 2016 estimates implies UA will speak to achieving 2019 sales and EBIT of approximately $8.5B and $980M, respectively. With no other company in our universe growing at such an impressive and consistent rate, we reiterate our BUY on UA."

For an analyst ratings summary and ratings history on Under Armour, Inc. click here. For more ratings news on Under Armour, Inc. click here.

Shares of Under Armour, Inc. closed at $96.59 yesterday.

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