Telsey Advisory Group Maintains Under Armour (UA) Market Perform Recommendation

Telsey Advisory Group maintained a "Market Perform" rating on Under Armour (NYSE:UA) on November 7, 2025, with an average one-year price target of $5.93, suggesting a 33.22% upside from its $4.45 closing price. This outlook is supported by projected annual revenue of $6.66 billion, a 31.91% increase, and non-GAAP EPS of $0.96. While the number of institutional owners and total shares held by institutions saw a slight decrease, the average portfolio weight dedicated to UA increased by 0.84%, and a put/call ratio of 0.32 indicates a bullish options market sentiment.

Analysis

Telsey Advisory Group reiterated a "Market Perform" rating for Under Armour (NYSE:UA) on November 7, 2025, yet set an average one-year price target of $5.93/share, indicating a substantial 33.22% upside from the $4.45 closing price. This optimistic price target is underpinned by strong financial forecasts, including projected annual revenue of $6.66 billion, a significant 31.91% increase, and a non-GAAP EPS of $0.96.

Institutional ownership data presents a nuanced picture; while the number of funds holding UA decreased by 2.71% and total institutional shares fell by 1.38%, the average portfolio weight allocated to UA by these funds rose by 0.84%. This suggests increased conviction among remaining or new institutional investors. The options market also reflects a bullish outlook, evidenced by a put/call ratio of 0.32.

Individual institutional movements show Bdt Capital Partners significantly increased its stake by 4.64% to 62,464K shares, now holding 30.39% of the company. Conversely, major index funds like VTSMX and VEXMX reduced their positions by 9.97% and 0.10% respectively, indicating a divergence in investment strategies among large holders.

Key Decisions for Investors

• Monitor Under Armour's progress against its ambitious revenue growth target of 31.91% and projected non-GAAP EPS of $0.96, as these are key drivers for the implied 33.22% price target upside.
• Consider the bullish options sentiment indicated by the 0.32 put/call ratio, but balance it against the "Market Perform" analyst rating.
• Pay close attention to the divergent institutional ownership trends, particularly the increased conviction from active managers like Bdt Capital Partners versus the reductions by passive index funds.