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Piper Jaffray Raises Price Target on Under Armour Inc (UA) Following Solid Q2 Results

Piper Jaffray analyst Erinn Murphy weighed in on shares of Under Armour Inc (NYSE:UA), reiterating a Hold rating, while raising the price target from $35 up to $40, on the back of solid second-quarter results and a positive forecast looking into the future. The sportswear giant reported $0.01 in earnings per share on $1.00 billion in revenue, compared to consensus estimates of $0.03 in EPS on revenue of $1.00 billion.

The analyst just had a phone update from UA management, offering insight into their issued guidance for this upcoming third quarter. Murphy is satisfied to see inline growth for inventory with sales, a trend UA management has every reason to believe should continue into the next quarter. Under Armour has reiterated guidance for this fiscal year of $4.925 billion and income in a range between $440 and $445 million. Murphy’s earnings per share for 2016...