Under Armour: Mgmt meetings affirm robust global opportunity; target raised to $93 from $80, maintain Buy -- Canaccord Genuity
Canaccord Genuity raises their UA tgt to $93 from $80, noting there remains a significant domestic white space opportunity available in sporting goods and other distribution channels such that the NA wholesale business should also contribute to growth. Firm believes the struggles Adidas (ADDYY) is having makes it a share donor that should translate into increased sq. ft. allocation to UA.Given UA's broad-based sales momentum, firm believes their $10 bln sales target by 2019 is attainable.