Shares of Under Armour (UA) - Get Report were higher by 3.33% to $18.02 in pre-market trading on Friday morning, after the stock was upgraded to "buy" from "hold" at Jefferies.

The upgrade comes as the firm believes "the bottom has formed," the Under Armour brand has grown stronger, and the demand for athletic apparel is hearty.

Jefferies raised its price target on Under Armour to $27 from $19.

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