UPDATE: Credit Suisse Upgrades Under Armour to Outperform, Raises PT

In a report published Friday, Credit Suisse Group upgraded its rating on Under Armour

from Neutral to Outperform, and raised its price target from $57.00 to $59.00. Credit Suisse noted, “We are adjusting our estimates to reflect the following FY13 positive catalysts: 1) channel expansion; 2) favorable sourcing environment; 3) recent investments in supply chain and sourcing staff; 4) likely validation of long-term growth targets at mid-year analyst day; and 5) easy margin compares in 2H13 given misexecution in 2H12. Our FY13 revenue and EPS estimates go $2,259.6M, and $1.56 from $2,228.5M and $1.49 and our FY14 estimates go to $2,640.8M and $1.94 from $2,604.2M and $1.86.” Under Armour closed on Thursday at $49.66.