Canaccord analyst Camilo Lyon maintained a Sell rating and $13 price target on Under Armour following the company's Q3 results. In a research note to investors, Lyon says that while the company's results may hint at a turn in the business, he believes the timing shifts on both sales and expenses muddy the challenges the company still faces and he has yet to see innovation materialize that would fuel a return to consistent North America growth. Next year's return to growth in the region likely won't materialize before 2H19, given the significant amount of off-price sales that have unfolded this year, he contends, and says he is "hard pressed" to see material growth in its key sporting goods channel before 2020 at earliest.