Benchmark Initiates Coverage on Under Armour

According to a research report this morning, Benchmark initiates a Buy rating on Under Armour (NYSE: UA), including a $104 PT.

Benchmark stated, “We love the Under Armour brand and believe that it has multiple growth opportunities going forward, including an expansion of its core apparel line through innovation, category expansion, women's business, direct-to-consumer and, longer-term, international. We are using the recent pullback in the stock, down 8% since May 2 compared to a 2% decline in the S&P 500, as an opportunity to own a name where we expect at least 20-25% top-line growth and very little exposure to Europe.”

Under Armour closed yesterday at $92.68.