Truist raises Under Armour stock price target on cost cuts
Truist Securities has increased its price target for Under Armour stock to $6.00 from $5.00, while keeping a Hold rating. The company's shares are currently trading at $5.81, down nearly 10% over the past week. Truist cited pressure in North America and Asia-Pacific as factors behind a softer second-quarter outlook. The revised guidance shows a decline in second-quarter revenue, with the company experiencing a 3.6% drop over the past year.
Despite the challenges, Under Armour expects to reduce selling, general, and administrative expenses and benefit from price increases later in the fiscal year. The stock is currently trading below its fair value, with analysts predicting profitability in the current year.
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