NEW YORK (TheStreet) -- Shares of Under Armour Inc. (UA) are higher by 2.41% to $69.38 at the start of trading on Wednesday, following a ratings upgrade to "overweight" from "neutral" at Piper Jaffray.
The firm said it raised its rating on the sports and workout apparel retailer as it believes the company will see significant market share gains, with emphasis in women's footwear and international. Piper Jaffray believes the company's market cap will double over time.
Piper upped its price target on Under Armour stock to $78 from $63.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
TheStreet Ratings team rates UNDER ARMOUR INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate UNDER ARMOUR INC (UA) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, expanding profit margins and increase in net income. We feel these strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value."