Piper Jaffray Maintains Neutral Rating, $65 PT On UA

Piper Jaffray is maintaining its Neutral rating and price target of $65 ahead of Under Armour, Inc.'s UA Q1 F11 earnings. “For Q1 we are estimating EPS of $0.21 vs. consensus of $0.19 (no specific Q1 EPS guidance was provided),” Piper Jaffray writes. “We continue to believe sales trends were strong in Q1 and will be interested in gross margin commentary for the remainder of F11 as Nike NKE guided y/y gross margins down 300bps for next quarter. We will also be interested in hearing commentary on current traction in charged cotton t-shirt sales and footwear.” Under Armour closed Thursday at $78.53.