Thursday, June 9, 2011

Under Armour Is Not Underweight

Benzinga submits:

By Jonathan Chen

There are some interesting comments coming from Under (UA) CEO Kevin Plank regarding the company's potential. If you believe him, you may want to get long the stock.

Tweets from Michele Steele, who is Bloomberg's sports business reporter, said that Plank wants to get the company to $2 billion in sales in the next three years, which would be a tremendous achievement. The company first surpassed $1 billion in sales last year and it took the company 15 years to achieve this goal.

The stock has certainly reflected the company's meteoric growth, having doubled in price in the past 12 months.

Shares are up 2% today on the comments out of Plank and if investors believe Plank, there is more room for upside from these levels. The $3+ billion market cap company, certainly is not cheap, trading at just under 30 times forward earnings, but if the

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