The upgrade comes after analysts met with CEO Kevin Plank and came away from the meeting with the impression that the company's management had a tone of "controlled confidence." The firm also lauded the company's "disciplined" fiscal 2020 earnings and revenue growth acceleration.
The upgrade comes two weeks after Under Armour topped Wall Street's quarterly expectations and lifted its earnings guidance.
The Baltimore-based company reported earnings of 5 cents per share, ahead of analysts' calls for a break-even quarter. Revenue of $1.2 billion also came in ahead of $1.18 billion expectations.
Under Armour said earlier it expects to earn between 33 cents and 34 cents per share for the full tear, up from its previous range between 31 cents and 33 cents.
The stock rose 6.4% to $23.28.