Canaccord Genuity Downgrades Under Armour, Inc. (UAA) to Sell

Under Armour, Inc. (NYSE:UAA) was downgraded by Canaccord Genuity from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday. They currently have a $8.00 price objective on the stock, down from their prior price objective of $15.00.

A number of other equities analysts have also commented on the stock. Citigroup Inc. reduced their price target on shares of Under Armour to $14.00 and set a “neutral” rating on the stock in a research report on Wednesday. Telsey Advisory Group reduced their target price on shares of Under Armour from $18.00 to $12.00 and set a “market perform” rating on the stock in a research report on Wednesday. J P Morgan Chase & Co lowered shares of Under Armour from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $13.00 to $10.00 in a research report on Tuesday. Piper Jaffray Companies reduced their target price on shares of Under Armour to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Wells Fargo & Company reduced their target price on shares of Under Armour to $11.00 and set an “underperform” rating on the stock in a research report on Tuesday. Nineteen research analysts have rated the stock with a sell rating, nineteen have given a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $17.18.

Under Armour (NYSE:UAA) last posted its earnings results on Tuesday, October 31st. The company reported $0.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.19 by $0.03. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.49 billion. Under Armour had a net margin of 2.94% and a return on equity of 9.32%. The company’s revenue was down 4.5% on a year-over-year basis.

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A number of large investors have recently added to or reduced their stakes in the stock. Daiwa Securities Group Inc. increased its position in Under Armour by 13.3% during the third quarter. Daiwa Securities Group Inc. now owns 63,240 shares of the company’s stock worth $1,041,000 after acquiring an additional 7,408 shares during the period. Old Mutual Global Investors UK Ltd. bought a new position in Under Armour during the third quarter worth about $692,000. Andra AP fonden bought a new position in Under Armour during the third quarter worth about $532,000. IFP Advisors Inc increased its position in Under Armour by 5.6% during the third quarter. IFP Advisors Inc now owns 97,318 shares of the company’s stock worth $1,604,000 after acquiring an additional 5,148 shares during the period. Finally, Canada Pension Plan Investment Board increased its position in Under Armour by 48.0% during the third quarter. Canada Pension Plan Investment Board now owns 38,520 shares of the company’s stock worth $635,000 after acquiring an additional 12,500 shares during the period. 30.43% of the stock is currently owned by institutional investors and hedge funds.

Under Armour Company Profile

Under Armour, Inc is engaged in the development, marketing and distribution of branded performance apparel, footwear and accessories for men, women and youth. The Company’s segments include North America, consisting of the United States and Canada; Europe, the Middle East and Africa (EMEA); Asia-Pacific; Latin America, and Connected Fitness.

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