Notable Calls

- Banc of America reits Buy on Under Armour (NYSE:UA) saying the co could continue to exceed their 30-35% revenue forecast for the balance of 2007 given 1) a likely re-acceleration in women's revenue growth to 30%-plus (following just 17% growth in 1Q07) as 1Q product sourcing shortfalls are corrected and the first UA women's targeted ad campaign kicks in this summer (expected to be larger than the 'Click-Clack' campaign); 2) the launch of more targeted outdoor product (outerwear and 'inner-wear') shipping in 2H07; and 3) increasing shipments in Europe (at least triple LY) led by the continued roll-out to 300 JJB stores in the U.K. In 2008, continued expansion in the outdoor category and Europe, plus the expected launch of sneakers (in both men's and women's) could support revenue growth above firm's +26% forecast.

BAC also expects UA's gross margins (after dropping in 1H07) to rise in 2H07 and up-tick further in 2008.

Notablecalls: Interesting comments buy BAC's Rober Ohmes. Note that international accounted for just 4% of revenues in 1Q07. Plenty of growth ahead for UA. The main problem here is the valuation. Trading 35-40x FY08, the stock's expensive meaning there is very little room for error. I think UA's one of the stocks you buy when they stumble.

In the very s-t, I think BAC's comments may generate some buy interest. But do note that the stock has bounced considerably over the past couple of days and some important averages (namely the 200 EMA) are near.