UPDATE: Deutsche Bank Upgrades Under Armour Inc

Analysts at Deutsche Bank upgraded shares of Under Armour Inc (NYSE: UA) to Buy and placed a $78 price target on the stock.

Analyst Dave Weiner highlighted the reasons behind the upgrade:

• Athletic sector brand momentum is extending into second half of 2014. Following Nike’s upbeat earnings, analysts find continued strength through the second half and the holiday season.
• Under Armour is shifting from wholesale to retail. In doing so, analysts see the company’s gross margins improving. In addition, Under Armour’s move into women’s products is gaining market share. Most importantly, analysts note that increased prices have not been met with consumer resistance.

Shares of Under Armour recently traded at $69.40, up 2.9 percent.