UPDATE: DA Davidson Upgrades Under Armour to Buy on Earnings Visibility

DA Davidson published a report Monday where analyst Andrew Burns upgraded under Armour (NYSE: UA) from Neutral to Buy and raised the price target from $57 to $66.

In the report, DA Davidson wrote, "Numerous near-term growth drivers provide confidence to raise estimates. While retail conditions were not ideal in 1Q, we believe UA and athletic apparel trends have remained strong. We have confidence UA can gradually increase full year guidance as the year progresses (currently 20%-21% revenue growth, 22%-23% EBIT growth) fueled by outgrowth in women's, Factory House outlet store build-out, Charged and Storm cotton apparel initiatives, footwear and expanded department store distribution. To reflect our view that topline growth can handily reach UA's long-term 20%-25% annual growth target, we are increasing our 2013 and 2014 revenue growth rates to 20% and 23%, respectively (previously 19% for both years). As such, our revised 2013 and 2014 revenue and EPS estimates are now $2.207 billion and $1.50 and $2.707 billion and $1.88."

Shares of Under Armour are trading up 1.84 percent from Friday's $57.00 closing price.