Shares of Under Armour Inc (NYSE:UA) are down big in early trading today as Piper Jaffray decided to cut their price target on the stock. The investment firm lowered theit traget from $97 to $88, while maintaining their ‘neutral’ rating on the athletic clothing brand.
“We believe during this time period for inventory is in the process of being realigned compounded by challenged weather trends, it is prudent to reduce our multiple assumption by five turns–from 60x to 55x,” analysts for Piper Jaffray noted. The stock is down 2.69% or $2.41 after the news, hitting $87.27 per share. About 43,388 shares traded hands. UA has risen 10.10% since April 27, 2015 and is uptrending. It has outperformed by 11.00% the S&P500.
Out of 14 analysts covering Under Armour (NYSE:UA), 8 rate it “Buy”, 0 “Sell”, while 6 “Hold”. This means 57% are positive. $131 is the highest target while $87 is the lowest. The $111.29 average target is 27.52% above today’s ($87.27) stock price. Under Armour was the topic in 27 analyst reports since July 21, 2015 according to StockzIntelligence Inc. BB&T Capital downgraded the stock on October 23 to “Hold” rating. Piper Jaffray maintained it with “Buy” rating and $113 target price in an August 12 report. FBR Capital maintained the shares of UA in a report on September 17 with “Outperform” rating. Atlantic Securities initiated the firm’s rating on August 12. Atlantic Securities has “Overweight” rating and $120 price target. Finally, Telsey Advisory Group maintained the stock with “Outperform” rating in a September 17 report.
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 has a market cap of $18.83 billion. The Company’s moisture-wicking fabrications are engineered in a range of creates and styles for wear in nearly every climate to provide an alternative to traditional products. It has 90.4 P/E ratio. The Company’s operating divisions include North America, consisting of the United States and Canada; Europe, the Middle East and Africa ; Asia-Pacific; Latin America, and MapMyFitness.