Investing.com — Under Armour Inc A (NYSE:UAA) shares received a boost Tuesday morning after Baird analyst Jonathan Komp upgraded the stock to outperform from neutral and called it one of his top ideas for 2022.
Komp kept his price target for shares of the American sports equipment and apparel company unchanged at $32 per share.
Under Armour (NYSE:UA) shares initially hit a high of $22.01 following the rating change before giving up some gains. They currently trade around the $21.45 mark, a nearly 1% gain from Monday’s close.
Komp is repositioning for 2022 in the apparel, footwear and fitness space as he explains valuation multiples are seen as unlikely to re-rate higher. As a result, the analyst is concentrating on companies with cyclical earnings recovery prospects.
