Under Armour price target raised to $11 from $8 at Truist

Truist raised the firm’s price target on Under Armour (UAA) to $11 from $8 and keeps a Hold rating on the shares. The shares were up over 30% today as a “meaningful” Q2 beat and a more upbeat profitability outlook showcased the solid momentum they’re building as management works to elevate the company’s brand positioning, the analyst tells investors in a research note. The firm added that it is “encouraged” by the company’s progress on its strategic turnaround efforts, though it continues to believe that visibility into durable brand/product improvements remains limited.