Under Armour downgraded by FBR Capital
An analyst with FBR Capital Markets said Under Armour (NYSE: UA) has room to grow but its shares are unlikely to move higher any time soon after a growth spurt in the company’s share price.
Since the beginning of February, the stock has risen about 21 percent – making it “fairly valued,” wrote FBR Capital Markets analyst Eric Tracy in a client note. He lowered his rating to a "market perform" from "outpeform."
"We continue to believe Under Armour has meaningful room to grow domestically (and internationally longer term)," he wrote, but the company's share price "largely captures Under Armour's positive longer-term growth characteristics, prompting us to move to the sidelines."
He added that he could raise the rating if shares pull back or more becomes clear about 2011.
Garmin adopts special share purchase plan
Garmin (Nasdaq: GRMN) said it has adopted a share buyback plan that allows purchases during periods that might have otherwise been prevented by insider trading laws of self-imposed blackout periods.
The company said it was adopting the plan under rule 10b5-1 in connection with the $300 million share repurchase approved by its board on Feb. 12. The plan calls for Garmin to select a broker who will have the authority to buy back shares within certain price ranges, which the company didn't specify. It added that there are no guarantees any shares will be repurchased under the plan.
--Compiled by Wendy Geister
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