Under Armour is 'underrated underdog,' Raymond James says in upgrade

Shares of Under Armour are trading in a bear market after falling 35% from July's 52-week high, but Raymond James sees a big rally ahead since the company is on "the cusp of a multi-year, profitable, and sustainable growth cycle."

The firm upgraded the stock to a "strong buy" rating on Wednesday, saying the retailer is "underrated" and an "underdog." Earlier this month the company resumed coverage on Under Armour, at which time it rated the stock "outperform." The firm's $30 target represents a 67% upside to where the stock is currently trading.