Struggling Sportswear Stock Gets Boost on Citi Bull Note

The security may have found its bottom

Digital Content Manager
Jan 21, 2022 at 10:10 AM
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The shares of Under Armour Inc (NYSE:UAA) are up 2.3% at $18.93 this morning, following an upgrade from Citi to "buy" from "neutral." The analyst has a $29 price objective set on UAA, and noted that the company is emerging from the pandemic as an attractive play in the sportswear space, especially in North America. 

Today's bull note could be the beginning of a much-needed recovery story for Under Armour stock, which has been languishing near its Jan. 27 annual low of $17.15. This level did serve as a springboard for the stock in late-June, however, though trading has been choppy since that bounce. UAA is looking to topple its year-over-year breakeven today, though it's off roughly 12.6% year-to-date. 

Additionally, the stock looks more than ready for a short-term bounce. This is per UAA's 14-day relative strength index (RSI) of 18, indicating the equity sits firmly in "oversold" territory. 

There's plenty of room for other analysts to follow Citi's lead. Coming into today, eight of the 23 in coverage called UAA a "hold" rating, and one a "strong sell."

Short sellers have been hitting the exits, though a further unwinding of pessimism could put more wind at the equity's back. Short interest dropped 14.2% in the last reporting period, but makes up 6.3% of the stock's available float, or roughly two days' worth of pent-up buying power at the security's average daily pace of trading. 

 

 

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