Fitness financials: Under Armour upgraded by Piper Jaffray, plus Costco
Research firm Piper Jaffray raised its rating on Under Armour, sending shares to a 52-week high, and Costco reported a 10-percent increase in same-store sales for March, boosted by strong growth overseas.
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Under Armour upgraded by Piper Jaffray
Piper Jaffray raised its rating on Under Armour (NYSE: UA), saying the company has become more popular with teens. Under Armour’s shares hit a 52-week high on the news.
In a recent survey by Piper Jaffray, Under Armour continued to be the second most popular brand with teens, but widened its lead on third-ranked adidas. The gain had added significance, given Under Armour’s smaller advertising budget and more limited distribution, Piper Jaffray wrote in a research note.
The firm upgraded its rating on the company’s shares to “overweight” from “neutral” and raised its target price to $41 from $26.
Shares of Under Armour rose $0.67, or 2.08 percent, to close at $32.95 on April 12. Earlier in the day, the shares traded as high as $34.25, a 52-week high.
March same-store sales up for Costco
Costco (Nasdaq: COST) reported a 10-percent increase in same-store sales for March, boosted by strong growth overseas.
It said its international sales at stores open at least a year grew 28 percent, with U.S. results up 5 percent.
Removing higher gasoline prices and a weaker dollar, same-store sales increased 3 percent in March with overseas sales up 7 percent and U.S. results up 2 percent.
Total monthly sales climbed 12 percent to $7.14 billion.
–Compiled by Wendy Geister
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