Under Armour initiated with a Buy at Redburn

Redburn analyst Geoff Lowery initiated coverage of Under Armour with a Buy rating and $13.50 fair value estimate. There is limited confidence in the company’s growth and margin recovery, which presents an opportunity, the analyst tells investors in a research note. Under Armour shares are near all-time relative lows, but it is making progress in footwear, international excluding Asia and wider execution, contends the firm. It says that while there is risk in the short term, there is potentially meaningful upside to consensus estimates in outer years.