Canaccord analyst Camilo Lyon reiterated a Buy rating on shares of Under Armour Inc (NYSE:UA), with a price target of $44, after hosting meetings last week with key members of UA’s management team, including CEO Kevin Plank, CFO Chip Malloy, President of NA Jason LaRose, Head of Product Merchandising Kevin Eskridge, and Director of IR Carrie Gillard.

Lyon wrote, “The high-level topics of discussion included the revenue opportunity in NA across channels (Kohl’s) and categories (footwear and lifestyle), the mix shift impact to gross margin from faster footwear and international growth, and investments needed to support the enterprise reaching $10B in sales. In spite of macro-related challenges this year stemming from sporting goods bankruptcies and the lingering effects of last year’s warm winter, demand for the UA brand is healthy and its many long-term growth avenues are robust. Given that UA is one-seventh the size of Nike and a fifth the size of Adidas (by revenue), while growing its top line 3x Nike and 2x Adidas, yet trades at 2.2x Nike and 1.8x Adidas, we believe UA’s premium valuation is justified. With no visible reason for UA’s pace of global share expansion to abate, we reiterate our BUY rating.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Camilo Lyon has a yearly average return of 0.0% and a 48.7% success rate. Lyon has a 11% average return when recommending UA, and is ranked #2756 out of 4227 analysts.

Out of the 31 analysts polled by TipRanks, 14 rate Under Armour stock a Buy, 16 rate the stock a Hold and 1 recommends Sell. With a return potential of 33.0%, the stock’s consensus target price stands at $41.05.