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Why Under Armour stock fell 7% on Tuesday

Published 01/16/2024, 03:01 PM
Updated 01/16/2024, 03:03 PM
© Reuters Why Under Armour (UAA) stock fell 7% on Tuesday

Under Armour (NYSE:UA) (UAA) stock experienced a decline of almost 7% on Tuesday, the most since December 22, following JPMorgan's placement of the sportswear company on negative catalyst watch.

Analysts at JPMorgan, who rate UAA with a Neutral rating and a $8 per share price target, expressed concerns about downside risks to sales and profit estimates for the second half of fiscal 2024.

They highlighted steeper discounts during Black Friday, Cyber Monday, and the January semi-annual sale in North America, coupled with management's caution signals in Asia and Europe.

In contrast, Foot Locker (NYSE:FL) is expected to surpass consensus 4Q profit and same-store sales estimates, with 2024 expectations below consensus, anticipating challenging comparisons after promotional support in 2023.

FL stock is rated as Underweight at JPM with the PT raised to $26 from the prior $17.

The stock dropped 5.5% on Tuesday.

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