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Fly News Breaks for July 8, 2016
UA
Jul 8, 2016 | 07:57 EDT
Morgan Stanley analyst Jay Sole continues to risk to Under Armour's US wholesale apparel business, which is 49% of sales. Sole said the athletic apparel's industry FY16 growth is negative year-to-date and Under Armour's ASP's are falling with no obvious improvement ahead. The analyst's FY18 sales forecast is $7.46B, $300M below consensus and said Under Armour's valuation is near a peak. Sole lowered his price target on shares by $1 to $31 and reiterated his Underweight rating on Under Armour.
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