After visiting nearly a dozen Kohl's (KSS) locations in the tri-state area to view the newly-launched Under Armour (UA, UAA) brand in stores, Jefferies analyst Randal Konik says he's "impressed" with Under Armour's placement and opportunity. Under Armour represents the largest brand launch in history for Kohl's, Konik tells investors in a research note. While the brand debuted at full-price versus Nike (NKE) and Adidas (ADDYY) at buy-one-get-one 50% off, Kohl's will likely incorporate Under Armour into its promotional architecture by Fall 2017, the analyst contends. He keeps a Hold rating on Under Armour with a $19 price target.

Bearish flow noted in Kohl's with 4,607 puts trading, or 3x expected. Most active are 5/31 weekly 21 puts and Apr-24 23 calls, with total volume in those strikes near 4,300 contracts. The Put/Call Ratio is 7.58, while ATM IV is up nearly 2 points on the day. Earnings are expected on May 23rd.

Wedbush raised the firm's price target on Adidas to EUR 200 from EUR 193 and keeps a Neutral rating on the shares. Momentum appears to be building up at Adidas, following a strong Q1 preannouncement and guidance raise on both the top and bottom lines, the firm says. Wedbush believes that brand heat is accelerating, and they should benefit as channel inventory improves. That said, a lot of the good news is already factored into the stock, the firm adds.

Bernstein analyst Aneesha Sherman raised the firm's price target on Adidas to $104.20 from $100.97 and keeps a Market Perform rating on the shares. The firm notes Adidas pre-announced a strong Q1 and raised FY guide, mostly from passing on the Q1 beat. While Bernstein's numbers were already ahead of the raised full year guide, it takes them up slightly further, as the firm believes the Q2-4 guide remains conservative given the strong Q1 performance.