Under Armour shares have tumbled 32% to date this coming year. Barron’s says that could set the stock up for any rebound but FBR analyst Susan Anderson sees more to pain into the future.

The corporation is in the midst of an “intensifying” price war with Nike, Anderson wrote to clients on Monday. Under Armour’s recent decision to market its clothes at discount retailer Kohl’s appears to have made Nike amp up its very own promotions. This competition about the price front doesn’t bode well for less than Armour’s profit margins, a measure of how much of every dollar in sales the corporation can retain as earnings.

Nike seems to be outdoing under armour sydney about the product front, too. Nike has some promising new items, like its VaporMax shoes that are “driving shelf space gains,” Anderson wrote. “However, Under Armour doesn’t have anything new out to date this season, instead higher price points.”

FBR’s recent consumer survey indicated that consumers are not as likely to spend upwards of $100 for Under Armour footwear compared to they were this past year. Meanwhile, Under Armour intends to offer 86dexnpky running footwear this season that might cost more than $100, versus just eight just last year.

Nike’s not the only one together with the potential to hurt Under Armour. Adidas, Reebok, and Champion products are most often encroaching on the amount of space committed to Under Armour at Dic-k’s, especially with regards to kids’ apparel, according to FBR’s channel checks.

Anderson downgraded shares to “underperform,” indicating she thinks the stock will trail the broad market. She set a cost target of $14, 29% below recent levels.

Overall Picture: Under Armour might be sacrificing profits by selling its apparel at Kohl’s. Simultaneously, a newly released consumer survey showed that folks are less prepared to pay big dollars for your company’s shoes.

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