Piper Jaffray analyst Erinn Murphy upgraded Under Armour (UAA) to Overweight from Neutral and raised her price target for the shares to $32 from $20. The stock closed Friday up 36c to $23.70. While the shares have moved considerably off the bottom over the last 12 months and reflect in part the company's opportunity to expand operating margin from 3.2% to low-double-digits over time, its sales opportunity remains underappreciated at current stock levels, Murphy tells investors in a research note. The analyst believes favorable industry dynamics and direct-to-consumer mix benefit will enable Under Armour to be on a path towards mid-to-high single digit sales growth over time. Further, she points out the brand says "impressive mindshare gains" in her firm's Women's Survey this Fall.