Citi analyst Paul Lejuez assumed coverage of Under Armour (UAA) from Kate McShane and upgraded the shares to Buy from Neutral. He raised his price target for the stock to $29 from $23. Under Armour is "growing up" with a renewed focus on driving profitability and return on invested capital, Lejuez tells investors in a research note. With just a 3.4% EBIT margin in 2018, the company has the opportunity to recapture 600 basis points in EBIT margin over the next several years, says the analyst. And near-term, Lejuez sees upside to management's fiscal 2019 gross margin guidance.