Under Armour Shares At Highest Level In Over A Month

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Under Armour Inc (NYSE: UA) shares were trading sharply higher by $2.87 at $80.91 in Friday's session. The Street is siding with DA Davidson's analyst Andrew Burns, who upgraded shares from Neutral to Buy and maintained its $91 price target.

The upgrade has shaken the issue out of a trading range from $76.15 to $80.02 that has persisted since April 29.

An even tighter consolidation period had taken place over the last five trading sessions. During this period, it had been confined to less than a $1.50 trading range between $77.55 and $78.94.

After a higher open ($79.40 vs. Thursday's close of $78.04) above the top of the range, it retreated to $79.16 before resuming its rally.

So far, it has reached $81.15 before falling back under $81. The high for the session coincides with its April 28 high ($81.16).

Today's price action is taking place on higher than average volume. So far, it has traded 1.8 million shares compared with its 20-day average of 1.5 million with over four hours remaining in the session.