After the company announced an update to its restructuring plan, Jefferies analyst Randal Konik says he's impressed with Under Armour's "ability to parallel-track operational excellence alongside leading product innovation." Recent successes with the HOVR platform and Project Rock "have quieted bears" who doubted product and brand strength, and yesterday's news "should squash any doubt surrounding the positive trajectory for sustainable operating margin improvement ahead," Konik tells investors in a research note. He reiterates a Buy rating on Under Armour with a $29 price target.