Under Armour stock soars after quarterly results beat expectations but analysts worry consumers won't stick around for long
Under Armour stock soars after quarterly results beat expectations but analysts worry consumers won't stick around for long
By Tonya Garcia
託尼婭·加西亞(Tonya Garcia)著
Under Armour stock jumped 17% in Tuesday trading after results
週二業績公佈後，Under Armour股價上漲17%
Under Armour Inc. reported third-quarter earnings and revenue that beat expectations and raised its outlook, but shares were still downgraded at CFRA with analysts raising concerns that positive results could soon turn sour.
Under Armour Inc.公佈的第三季度收益和營收超出預期，並上調了預期，但CFRA的股價仍被下調，分析師擔心積極的業績可能很快就會惡化。
"We believe the valuation is stretched no matter how you look at it compared to peers and that most of the growth has come from higher prices which could fall under pressure as savings rates fall and the consumer weakens," wrote CFRA analyst Zachary Warring.
CFRA分析師扎卡里·沃林(Zachary Warring)寫道：“我們認為，與同行相比，無論你怎麼看，估值都是過高的，大部分增長來自更高的價格，隨着儲蓄率下降和消費者疲軟，價格可能會在壓力下下降，”CFRA分析師扎卡里·沃林(Zachary Warring)寫道。
CFRA lowered its stock rating to sell from hold and cut its price target by $5 to $20.
CFRA將其股票評級從持有下調至賣出，並將目標價下調5美元至20美元。
Under Armour's (UAA)(UAA) Chief Executive Patrik Frisk expressed confidence in the increasing strength of the brand and its ability to overcome any near-term headwinds on the Tuesday earnings call.
安德瑪(Under Armour)首席執行長帕特里克·弗裏奇(Patrik Frisk)在週二的財報電話會議上表示，他對該品牌實力的增強以及克服任何短期不利因素的能力充滿信心。
See: Skechers is still heading toward $10 billion in revenue despite supply chain problems
請看：儘管供應鏈存在問題，但Skechers的收入仍在向100億美元邁進
"Compared to 2019, North American revenue was up 2% in the third quarter," said Frisk, according to a FactSet transcript.
根據FactSet的一份成績單，Frisk表示：“與2019年相比，北美地區的收入在第三季度增長了2%。”
"It is important however to revisit some key differences in these comparable periods, 2021 North America versus 2019, including a significant increase in our direct-to-consumer business, substantially lower off-price sales, reduced promotional and markdown activities, proactive supply constraints, and undifferentiated access."
然而，重要的是要重新審視2021年北美與2019年這兩個可比時期的一些關鍵差異，包括我們的直接面向消費者業務的大幅增長，大幅降低的降價銷售，減少的促銷和降價活動，主動的供應限制，以及無差別的准入。
Under Armour stock soared 17% after the results were announced.
業績公佈後，Under Armour股價飆升17%。
But CFRA wasn't the only analyst group expressing wariness about the path ahead.
但CFRA並不是唯一對未來道路表示謹慎的分析師團體。
"The comparisons with the wider market do nothing to take away from the fact that Under Armour is trading well and that it has successfully recovered from the pandemic slump," wrote Neil Saunders, managing director at GlobalData.
GlobalData董事總經理尼爾·桑德斯(Neil Saunders)寫道：“與更廣泛的市場進行比較，並不能改變以下事實：Under Armour交易良好，而且已成功從流行病暴跌中復甦，”GlobalData董事總經理尼爾·桑德斯(Neil Saunders)寫道。
"However, they signal the brand does not have as much traction as others in the market and that it has lost share to rivals. To be fair, this is a known issue that management is addressing but, in our view, it is one that will become more pressing as the market cools and growth becomes more reliant on taking trade from other players."
“然而，它們表明，該品牌在市場上沒有其他品牌那麼有吸引力，它的市場份額已經被競爭對手搶走。公平地説，這是管理層正在解決的一個已知問題，但在我們看來，隨着市場降温和增長變得更依賴於從其他參與者那裏搶走貿易，這個問題將變得更加緊迫。”
Also: National Retail Federation forecasts a record holiday shopping season, sales between $843.4 billion and $859 billion
此外：美國零售聯合會(National Retail Federation)預測，假日購物季將創下紀錄，銷售額在8434億美元至8590億美元之間
Saunders says the company needs to improve its reputation with athletes in high-performance gear, the way Lululemon Athletica Inc. (LULU) has become a name in the yoga community, and focus on comfort for casual consumers, like those who shop at Dick's Sporting Goods Inc. (DKS)
桑德斯説，該公司需要像露露檸檬運動公司(Lululemon Athletica Inc.)在瑜伽界聲名鵲起一樣，提高其在高性能運動服運動員中的聲譽，並專注於滿足休閒消費者的舒適性，比如那些在迪克體育用品公司(Dick‘s Sporting Goods Inc.)購物的人。
"The final quarter will provide some breathing space as comparatives from 2020 are weak," Saunders said. "However, thereafter things will get tougher and Under Armour will need to pull out all the stops to generate growth."
桑德斯説：“最後一個季度將提供一些喘息空間，因為2020年以來的可比性較弱。”“然而，此後情況將變得更加艱難，Under Armour將需要全力以赴才能實現增長。”
BMO Capital Markets is more upbeat in its earnings assessment.
蒙特利爾銀行資本市場(BMO Capital Markets)的收益評估更為樂觀。
"We believe Under Armour remains one of the few that successfully raised its pricing power, rather than simply enjoyed higher prices on lower industry promotions," analysts led by Simeon Siegel wrote.
西蒙·西格爾(Simeon Siegel)領導的分析師寫道：“我們認為，Under Armour仍然是少數幾家成功提高定價權的公司之一，而不是簡單地在較低的行業促銷活動中享受更高的價格。”
BMO rates Under Armour stock market perform with a $20 target.
在裝甲股票市場下，BMO利率的表現以20美元為目標。
Baird analysts say the raised guidance could still be conservative.
Baird分析師表示，上調後的指引仍可能是保守的。
"Overall, the initial results appear consistent with the broader profit recovery," analysts said.
分析師表示：“總體而言，初步結果似乎與更廣泛的利潤復甦趨勢一致。”
Baird rates Under Armour stock neutral with a $27 price target. Under Armour is a Baird "Fresh Pick."
Baird在裝甲股票下的評級為中性，目標價為27美元。Under Armour是貝爾德的“新鮮選擇”。
Don't miss: Lululemon maintains its flow with shares hitting a record despite supply chain challenges
不要錯過：Lululemon保持其流量，儘管面臨供應鏈挑戰，但股價仍創歷史新高
Wedbush also thinks the guidance is conservative, and rates the stock outperform with a $33 price target, up from $26.
韋德布什還認為這一指引過於保守，並將該股的表現從26美元上調至33美元的目標價。
"We continue to believe that Under Armour is in the early innings of a multi-year turnaround (aided by the long-term structural growth of the athletic industry), which will drive strong improvement in fundamentals and share price," analysts wrote in a note titled "The Only Things 'Under' About UAA Are Under-Appreciatedand Under-Valued."
分析師在一份題為“Under Armour”的報告中寫道：“我們仍然認為，Under Armour正處於多年扭虧為盈的初期階段(得益於體育產業的長期結構性增長)，這將推動基本面和股價的強勁改善。”
Under Armour stock has advanced 49.5% for the year to date while the S&P 500 index is up 23.2% for the period.
Under Armour的股票今年到目前為止已經上漲了49.5%，而標準普爾500指數同期上漲了23.2%。
-Tonya Garcia
--託尼·加西亞(Tonya Garcia)
譯文內容由第三人軟體翻譯。