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UA

Under Armour

$13.18

0.72 (5.78%)

, UAA

Under Armour

$14.23

0.48 (3.49%)

08:43
02/13/18
02/13
08:43
02/13/18
08:43

Under Armour announces additional 2018 restructuring plan

Under Armour says on its Q4 earnings call that 2017 was "tough." Says DTC represented 35% of revenue for FY17. Says "very difficult to unpack five years of investing to scale in just five quarters." Sees more stable operating environment in 2018. Under Armour announced this morning that it has identified further opportunities to optimize operations in 2018. In conjunction with this plan, approximately $110M-$130M of pre-tax restructuring and related charges are expected to be incurred, including: Up to $105M in cash related charges, consisting of up to $55M in facility and lease terminations and up to $50M in contract termination and other restructuring charges; and up to $25M in non-cash charges comprised of up to $10M of inventory related charges and up to $15M of asset related impairments. Based on the restructuring efforts in 2017 and 2018, the company anticipates a minimum of $75M in savings annually from these efforts in 2019 and beyond.

UA

Under Armour

$13.18

0.72 (5.78%)

UAA

Under Armour

$14.23

0.48 (3.49%)

  • 13

    Feb

  • 13

    Feb

UA Under Armour
$13.18

0.72 (5.78%)

01/16/18
01/16/18
DOWNGRADE
Target $8

Underperform
Under Armour downgraded to Underperform at Macquarie
As previously reported, Macquarie analyst Laurent Vasilescu downgraded Under Armour to Underperform from Neutral and cut its price target to $8 from $10. Vasilescu lowered his FY18 EBIT to $25M from $85M to reflect weaker North America revenues, flat Connected Fitness revenues, international revenues of up 21% year-over-year, gross margin pressure, and higher SG&A assumptions. The analyst expects the credit agreement will need to be amended and expects Under Armour will need a capital raise if gross margins and SG&A continue to deteriorate.
01/16/18
01/16/18
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 Underperform from Neutral at Macquarie with analyst Laurent Vasilescu citing weaker North America revenues, flat Connected Fitness revenues, international revenues of up 21% year-over-year, gross margin pressure, and higher SG&A assumptions. 2. Verizon (VZ) downgraded to Neutral from Buy at MoffettNathanson. 3. Lockheed Martin (LMT) and Rockwell Collins (COL) were downgraded to Market Perform from Outperform at Wells Fargo. 4. Spirit Airlines (SAVE) downgraded to Hold from Buy at Stifel with analyst Joseph DeNardi saying he believes Spirit will benefit this year from an improving demand and revenue environment, but that its higher revenue risk relative to potential competitive responses to its expected capacity growth is not fully reflected in the stock at current levels. 5. Finisar (FNSR) downgraded to Sell from Neutral at Goldman Sachs with analyst Doug Clark saying risks of oversupply and competition are heating up in the optical component landscape. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/06/18
JEFF
02/06/18
NO CHANGE
Target $72
JEFF
Hold
Jefferies sees too much management turnover at lululemon
The level of management turnover at lululemon during "this critical juncture in the company's growth trajectory gives us some pause," Jefferies analyst Randal Konik tells investors in a research note following the resignation of CEO Laurent Potdevin. The analyst sees better opportunities elsewhere, namely in shares of Under Armour (UAA), given lululemon's "high" valuation high and "less plentiful" margin opportunity going forward. He maintains a Hold rating on lululemon with a $72 price target.
02/09/18
JEFF
02/09/18
NO CHANGE
JEFF
Buy
Under Armour discounting down dramatically in last three months, says Jefferies
Jefferies analyst Randal Konik says his firms' February webscrapes point to better traction at Under Armour (UAA) with discounts down in each of the last three months. The company's discounts decreased from 70% in November to 23% in February, down more than 30% year-over-year this month, Konik tells investors in a research note. Further, a survey of 200 footwear retailers shows the Under Armour HOVR Phantom is building momentum, the analyst adds. In addition, the survey shows Nike (NKE) is gaining back share from adidas (ADDYY) in running across the U.S. and Europe. In Basketball, Nike continues to dominate, while Under Armour's Curry 4 is resonating well with consumers, Konik writes. The analyst has a Buy rating on Under Armour and Hold rating on Nike.
UAA Under Armour
$14.23

0.48 (3.49%)

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