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Buy Under Armour on its strong 'growth story,' Wells Fargo says

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Wells Fargo raised its rating on Under Armour shares to outperform from market perform, citing the company's sales growth potential in the coming years.

"[UA] growth story intact heading into 2017 ... as the noise from The Sports Authority's (TSA) bankruptcy fades and distribution expansion could lead to a top-line reacceleration over the next 12-18 months (following an expected Q3 trough)," analyst Tom Nikic wrote in a note to clients Monday.