Outdoor financials: Under Armour, Deckers graded by Piper Jaffray
Research firm Piper Jaffray raised its rating on Under Armour, boosting shares to a 52-week high, though the firm downgraded Deckers Outdoor to “neutral” from “overweight.”
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Under Armour, Deckers graded by Piper Jaffray
Grading by research firm Piper Jaffray helped boost Under Armour shares to a 52-week high, but drove Deckers Outdoor shares down more than 5 percent.
>> Piper Jaffray raised its rating on Under Armour (NYSE: UA), saying the company has become more popular with teens.
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.
>> Piper Jaffray downgraded Deckers Outdoor (Nasdaq: DECK), parent of Teva and Ugg, to “neutral” from “overweight.”
It raised the company’s price target to 144 from 124. Deckers has climbed for the past eight weeks. The stock is still 21 percent past a 113.20 buy point from a base.
After the downgrade, Deckers dropped 5.49 percent, or $7.82, to close at $134.58 on April 12.
–Compiled by Wendy Geister
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