Nike's latest win in slugfest against Under Armour

Score another round in the Nike camp.

After a weekend chock-full of publicity for athletic wear competitor Under Armour, whose brand was thrust into the spotlight at the Masters championship by winner Jordan Spieth, a new survey found that Nike is still the dominant brand among teens. ( Tweet This )

Nike Logo
Getty Images

According to Piper Jaffray's biannual Taking Stock With Teens Survey, Nike swept the board as the top clothing and footwear brand for both upper-income and average-income teens.

And it did so by a large margin.

Read MoreWhy Jordan Spieth's Masters win = Nike's nightmare

Whereas 24 percent of upper-income teens said Nike was their most-preferred clothing brand, the second place finisher, Forever 21, came in at 8 percent.

The divide was similar among average-income teens. Nike ranked first among that consumer group with 19 percent of respondents saying it was the most in-demand brand, compared with 7 percent for second-place finisher Forever 21.

Both statistics showed growth from the fall, when 22 percent of upper-income teens selected Nike as the top apparel brand, and 18 percent of average-income teens did the same.

Read MoreNike too expensive? Try this athletic stock instead

"The single biggest take away from the survey is that athletic, as a category, continues to make new highs and Nike is leading the charge," Piper Jaffray said.

The survey included responses from 6,200 teenagers, who had an average age of 16.3 years. The 1,400 teens who fell in the upper-income group had an average household income of about $104,000, while the 4,800 teens in the group with average-income households had a mean income of about $56,000.

Following the results, Piper Jaffray upgraded shares of Nike from neutral to overweight, and increased its price target to $115. Shares were slightly higher on Wednesday afternoon, near $100.

Masters Champion Jordon Spieth.
Jordan Spieth in the green   

Although Under Armour did not crack the top 10 for clothing or footwear among either consumer set, it did rank second for athletic apparel among upper-income and average-income teens. The spread, however, was once again wide.

Whereas more than 70 percent of teens in both groups said Nike was the most-desirable athletic clothing brand, only 7 percent said the same about Under Armour.

Read MoreLululemon strikes a new pose

Despite Nike's dominance, Under Armour is quickly gaining popularity among consumers. Last year, the company's sales grew 32 percent to $3.08 billion. But that figure pales in comparison with Nike's $27.8 billion for 2014, and falls short of the $7.5 billion in third-quarter revenues Nike announced last month.

Piper Jaffray recommended investors own both names. It has an overweight rating and a $90 price target on Under Armour.

Noticeably absent from the list of most popular teen apparel brands was Abercrombie & Fitch, which was one of the largest downward trending brands among upper-income shoppers.

Among the other major teen labels, American Eagle and Hollister made the Top 10 for both upper-income and average-income teens. Aéropostale tied for third place with Charlotte Russe and Urban Outfitters among average-income teen apparel brands, but did not make the list for upper-income teens.

Teens directly command $75 billion of discretionary spending, according to the report.

No. 1 preferred clothing brand over time

Rank: Upper-income
Brand
Rank: Average-income
Brand
1 Nike 1 Nike
2 Forever 21 2 Forever 21
3 American Eagle 3 American Eagle
4 Ralph Lauren 4 Ralph Lauren
5 Victoria's Secret 5 Hollister
6 Urban Outfitters 6 Victoria's Secret
7 Hollister 7 PacSun
8 Nordstrom 8 H&M
9 Free People 9 Kohl's
9 PacSun 10 Three brands tied
Piper Jaffray