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UA

Under Armour

$17.77

0.4119 (2.37%)

, UAA

Under Armour

$20.01

0.5725 (2.95%)

11:27
07/31/17
07/31
11:27
07/31/17
11:27

On The Fly: What to watch in Under Armour earnings report

Under Armour (UA, UAA) is scheduled to report results of its second fiscal quarter before the market open on Tuesday, August 1, with a conference call scheduled for 8:30 am EDT. What to watch for: 1. GUIDANCE: For FY17, Under Armour provided revenue guidance of about $5.4B, or growth of 11%-12%. In April, Under Armour backed its fiscal year gross margin view of "slightly down" compared to 46.4% in 2016, with benefits in product costs being offset by changes in foreign currency and shifts in overall sales mix. Jefferies analyst Randal Konik said that while he is a buyer of Under Armour into its quarterly results, the numbers "shouldn't be great." Oppenheimer analyst Anna Andreeva said in June that the Q1 decline in North America sales is likely to continue in Q2 as the addition of Kohl's (KSS) isn't enough to offset store bankruptcies and a "choppy environment." Deutsche Bank's Paul Trussell said this month that a "difficult and promotional selling environment along with segmentation challenges" weaken his confidence in the company's near-term results. Even amid weak investor sentiment, Under Armour won't get a pass on potentially weak Q2 results, Trussell said. 2. COMPETITIVE ENVIRONMENT Analysts and investors will listen for comments from the company on how it views the current athletic environment. With Under Armour launching its products in Kohl's stores in March, analysts said their checks on the new distribution channel showed promotional activity from the brand and its competitors. Raymond James analyst Dan Wewer said last week that Hibbett Sports' (HIBB) same-store sales warning followed Finish Line's (FINL) Q1 release on June 23 that May sales suffered from weak consumer traffic and difficult product launch comparisons. The read through is negative for Hibbett's vendors, including Under Armour, said Wewer. In other competitors' news, Under Armour rival Nike (NKE) said it would partner directly with Amazon (AMZN), with Amazon selling Nike shoes directly via a "brand-registry" program that curates selection to fight counterfeiters. At the time, Barclays analyst Matthew McClintock noted that most of Under Armour's marquee products are not being sold directly by Amazon, but through third party vendors, and expects Nike to pursue a similar strategy and also not introduce new innovative products through Amazon. 3. NEW MANAGEMENT: In June, Under Armour named Patrik Frisk, who previously served as the CEO of the footwear company Aldo, as its president and COO. Frisk will be responsible for laying out a long-term growth plan. In connection with Frisk's appointment, the company named Paul Fipps as chief technology officer and Colin Browne as chief supply chain officer. Following the appointments, Jefferies analyst Konik said Under Armour is creating a "stronger" leadership team with the executive changes and believes the company is dedicating resources in the "right" areas. 4. NEW ENDEAVORS, KOHL'S: Under Armour has been trying to fuel growth by investing in new endeavors, like footwear and high-end clothing, amid evidence of slowing growth in its sneaker line. In May, Kohl's CEO Kevin Mansell said the launch of Under Armour products in its stores was "exceeding our expectations." Jordan Spieth, who is sponsored by Under Armour, beat fellow American Matt Kuchar by three strokes in a thrilling duel at Royal Birkdale earlier this month. This was his third major title, with the 23-year-old going to the U.S. The athlete's Masters victory back in 2015 sent shares of Under Armour higher.

UA

Under Armour

$17.77

0.4119 (2.37%)

UAA

Under Armour

$20.01

0.5725 (2.95%)

  • 01

    Aug

  • 01

    Aug

UA Under Armour
$17.77

0.4119 (2.37%)

07/24/17
RAJA
07/24/17
NO CHANGE
RAJA
Market Perform
Hibbett warning has negative read-through for Under Armour, says Raymond James
Raymond James analyst Dan Wewer noted that Hibbett Sports' (HIBB) same-store sales warning follows Finish Line's (FINL) Q1 release on June 23 that May sales suffered from weak consumer traffic and difficult product launch comparisons. The read through is negative for Hibbett's vendors, including Under Armour (UAA), said Wewer, who added that it also appears negative for Dick's Sporting Goods (DKS), though he is not sure if Hibbett's sales trends were company specific or reflective of the industry.
07/25/17
DBAB
07/25/17
DOWNGRADE
Target $17
DBAB
Sell
Under Armour downgraded to Sell from Hold at Deutsche Bank
Deutsche Bank analyst Paul Trussell downgraded Under Armour (UAA) to Sell with an unchanged price target of $17. The performance apparel maker closed yesterday down 37c to $20.27. The analyst says a "difficult and promotional selling environment along with segmentation challenges" weaken his confidence in the company's near-term results. Even amid weak investor sentiment, Under Armour won't get a pass on potentially weak Q2 results, Trussell tells investors in a research note. He views the company's growth story as "challenged" and questions the "expensive" valuation. The analyst this morning also upgraded DSW (DSW) and Big Lots (BIG) to Buy.
07/25/17
07/25/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Under Armour (UA, UAA) downgraded to Sell from Hold at Deutsche Bank with analyst Paul Trussell saying a "difficult and promotional selling environment along with segmentation challenges" weaken his confidence in the company's near-term results. 2. Snap (SNAP) downgraded to Neutral from Buy with analyst Kevin Rottinghaus citing monetization concerns and increasing pressure from Facebook (FB) competition. 3. Cytori Therapeutics (CYTX) downgraded to Neutral from Buy at B. Riley with analyst Andrew D'Silva citing the STAR trial results, which missed both primary and secondary endpoints. The analyst cut his price target for the shares to 50c from $2.30. 4. lululemon (LULU) downgraded to Hold from Buy at Stifel with analyst Jim Duffy citing valuation. 5. Power Integrations (POWI) downgraded to Hold from Buy at Deutsche Bank with analyst Ross Seymore saying he has no incremental knowledge to support or refute market speculation regarding a potential design win in the upcoming Apple (AAPL) iPhone. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/31/17
JEFF
07/31/17
NO CHANGE
Target $28
JEFF
Buy
Jefferies a buyer of Under Armour into Q2 results
In a research note previewing the quarter, Jefferies analyst Randal Konik says Under Armour (UAA) shorts are "too aggressive" while sell-side analysts are "not studying" the stock's risk/reward. He believes "too much fear/hate" has created a "dislocation" in Under Armour shares. The analyst highlights the company's leaner inventories, the upcoming launch of Curry 4, easier compares ahead and strong athletic trends. Konik is a buyer of Under Armour into the Q2 results, but admits the numbers "shouldn't be great." He keeps a Buy rating on the shares with a $28 price target.
UAA Under Armour
$20.01

0.5725 (2.95%)

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