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Under Armour Poised for Additional Growth

Stock is upgraded following two-year turnaround

Published

6 years ago

December 3, 2018

kmpeyton

Over the past few months, Under Armour (Baltimore) has seen tremendous gains with its value increasing 15 percent and total advances of 65 percent this year alone. According to analysts, its trending toward its best annual increase since 2013.

“The setup on Under Armour looks great right now on the charts,” Craig Johnson, Chief Market Technician at Piper Jaffray, told CNBC. He predicted the company’s declining short interest in stock will give the company strength to rally. On Friday Under Armour had short interest at 19 percent, down from a peak of 36 percent in April.

In response to the positive news, Wells Fargo upgraded the company to “market perform” from “underperform,” citing its overall turbulent performance over the past two years is coming to a close.

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