Cowen Raises Price Target on Under Armour (UA) to $120 Following Investor Day

Cowen reiterated an Outperform rating on Under Armour, Inc. (NYSE: UA), and raised the price target to $120.00 (from $112.00), following the company's investor day. Management initiated FY18 revenue and operating income targets of $7.5B and $800MM respectively.

Analyst John Kernan commented, "UA issued revenue and operating income CAGR targets of 25% and 23% though 2018 at its investor day. Management's revenue targets could ultimately be conservative given the accleration in investments. We are raising our PT to $120 from $112, reflecting FY17 multiples of 67x PE, 31x EV/EBITDA and 4.5x EV/Sales."

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 $103.36 yesterday.

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