Shares of Under Armour (UAA) were climbing 4.56% to $20.19 on heavy trading volume Wednesday afternoon after Jefferies analyst Randal Konick today argued that "now is the time to buy" shares of the beaten up athletic apparel retailer. 

"Our data analysis indicates a bottom forming in the social sphere for UA. The work shows the social share gains at Adidas in '16 have peaked and provides evidence that UA's sponsorship strategy is lifting brand heat," he wrote. 

He said that the Under Armour brand remains "strong" and the company's global growth opportunity is "large."

This story is updated from 10:46 a.m. EDT.

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