Under Armour price target lowered to $10 from $11 at Wells Fargo

Wells Fargo lowered the firm’s price target on Under Armour (UAA) to $10 from $11 and keeps an Equal Weight rating on the shares following a transfer of coverage. The firm believes Under Armour shares will remain range bound over the next 8-12 months, driven by a reset in its strategic focus over next 12-18 months. Under Armour remains a “show me” story, the analyst tells investors in a research note. Wells says valuing the shares is difficult given the “depressed nature of the P&L” driven by the company’s decision to reset the business.