Stifel upgraded UAA to "buy" from "hold" with a price-target hike
The shares of Under Armour Inc (NYSE:UAA) are up 1.9% at $14.10 at last check, after a heap of analysts chimed in last night and today, following the company's Friday third-quarter earnings beat. At the forefront, Stifel upgraded UAA to "buy" from "hold," with a price-target hike to $17 from $11. Furthermore, no fewer than nine other analysts raised their price targets, with one price-target cut from J.P. Morgan Securities to $15 from $17.
Bouncing off the 20-day moving average during last week's pullback, Under Armour stock has kept its momentum -- Friday locking in a weekly gain. However, the equity remains down around 35% year-to-date.
Stifel's upgrade that could continue to push the stock higher, as coming into today, 19 of 23 analysts carried a "hold" or worse rating on UAA, leaving plenty of room for more bull notes. Also, the 12-month consensus price target of $13.14 before today's bull notes is a 7.8% discount to current levels.
The options pits, on the other hand, have been looking much more confident in the past 10 weeks. This is per the security's 50-day call/put volume ratio of 2.66 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 90% of readings from the past year. This means long calls have been picked up at a faster-than-usual rate during this time.