Under Armour shares up following upgrade
Shares of Under Armour (NYSE: UA) rose after a UBS analyst said the company may launch a new clothing line soon.
UBS Investment Research analyst Michael Binetti said in a research note that Under Armour appears poised to launch a new cotton-hybrid clothing line in 2011.
Binetti said the new line is expected to be closer in design to its core clothing business and could serve as a long-term growth driver as the company is facing challenges to its footwear business.
He upgraded his rating on the company's share from "Neutral" to "Buy" and raised his price estimate to $38 from $36.
Shares of Under Armour rose $2.42, nearly 8 percent, to close at $33.50 on May 26. They traded between $32.57 and $34.40 that day. Over the last 52 weeks, shares have traded between $19.49 and $36.49.
--Compiled by Wendy Geister
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