Shares of Under Armour have jumped more than 10% in the past two days after the company gave an update on its restructuring plan.
The Baltimore-based company said the restructuring will cost more than previously anticipated, so it plans to cut another 3% of its global workforce to help offset the cost. The company also raised the lower end of its fiscal 2018 earnings forecast.
The stock popped 6% on Thursday as traders digested the news, but not everyone on the Street believes Under Armour can actually turn a corner.
Following the announcement Susquehanna analyst Sam Poser re-iterated his negative rating on the stock. "Sell the rally," he wrote in a note to clients on Thursday, because "underlying fundamentals have not improved." His $11 target implies a 45% downside, as of Thursday's close.