"The quarter was pretty solid, given the weather backdrop," said the analyst, who maintains his buy rating and a $92 price target. "Weather matters for these seasonal categories. It can push the numbers around temporarily. That tends to be a near-term phenomenon. That, too, shall pass."
He said Under Armour wasn't the only apparel maker with these problems because if retailers can't sell the goods, their working capital is tied up. That "limits their ability to buy, near term. I think that should pass in the second quarter and see capacity revised higher as the year progresses."
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Neither Duffy nor his company own shares of Under Armour.