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Shares of Under Armour (UAA) were climbing in pre-market trading on Monday after analysts at Keybanc upgraded the athletic apparel retailer's stock to "Overweight" from "Sector Weight" with a $20 price target.

The firm's bullish call on Under Armour is predicated on the recent appointment of Patrik Frisk, the former CEO of the footwear company Aldo, as its new COO and "a renewed focus on improving financial performance" in the near-term.

Keybanc also notes the importance of Under Armour's signature products, in particular, its shoes sponsored by NBA All-Star Steph Curry. The firm believes the new Curry 4 shoes set to debut October 17 could act as a catalyst for improved growth, citing positive feedback of the sneakers.

That would be a welcomed positive development for Under Armour, whose stock is lower over 43% year-to-date, and whose sneakers have been the bud of criticism from NBA All-Star Kevin Durant.

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