Under Armour upgraded by UBS and Barclays after earnings beat with both firms predicting big gains

Products are displayed in an Under Armour store in New York City, November 4, 2019.

Brendan McDermid | Reuters

Under Armour‘s earnings beat didn’t get much initial love from investors, but two Wall Street firms said Wednesday the report showed it was time to buy the stock.

The apparel company beat Wall Street expectations with its first-quarter results on Tuesday, but the stock fell 1.2% amid the broader market decline. Analysts at Barclays and UBS stepped in on Wednesday morning, upgrading the stock and saying that the results were a sign of things to come.

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