Cowen names Under Armour a best idea, says apparel stock can rise more than 50%

An Under Armour store is seen on November 04, 2019 in Sunrise, Florida.
Joe Raedle | Getty Images

Investors should take advantage of recent weakness in Under Armour to add a stock with major upside, according to investment firm Cowen.

The apparel stock has shed about 10% in the past three months and is trading near its pre-pandemic levels.

Cowen analyst John Kernan reiterated his buy rating on the stock and added it to the firm's best ideas list for small and midcap names, saying in a note to clients that the stock looks even more attractive after the recent decline.