Under Armour Shares Jump 22% After Barclays, Truist Lift Targets to $8
Under Armour surged 22.5% week-on-week after Barclays and Truist lifted their price targets to $8 from $6 and $5, respectively, with Barclays maintaining a neutral rating and Truist a hold. The company reported a Q3 net loss of $430.8 million on revenues of $1.3 billion, down 7% year-over-year.
1. Price Target Increases Boost Shares
Under Armour shares jumped 22.5% after Barclays raised its price target from $6 to $8 with a neutral rating and Truist lifted its target from $5 to $8 with a hold recommendation.
2. Q3 Earnings Reveal Deepening Loss
In the quarter ended December 31, the company swung to a net loss of $430.8 million from a $1.2 million profit a year earlier as net revenues fell 7% to $1.3 billion.
3. Nine-Month Financial Trends Show Slippage
For the nine months, net loss widened 238% to $452 million while net revenues dipped 4.5% to $3.8 billion, highlighting ongoing challenges in the turnaround plan.