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By Christiana Sciaudone
Investing.com — Under Armour (NYSE:UA) rose more than 2% after Cowen called it a best idea.
The firm called the company a top idea and said it sees upside to consensus, CNBC reported.
“The sector’s recent valuation contraction creates an improved risk/reward opportunity, particularly for UAA which is down 20% since beating Q1 earnings," the firm wrote in a note. "We see upside to management’s guidance and consensus estimates into FY23. Improved marketing and go to market processes create a path to significant improvement in growth and returns on capital.”
The stock has more than doubled over the past 12 months. Results have beaten expectations for each of the past four quarters. Earnings per share of 16 cents for the quarter ended in March bested the estimate of 3 cents on sales of $1.26 billion versus the expectation of $1.13 billion, according to data compiled by Investing.com.