UBS's recent 2023 Global Athletic Wear survey supports a positive outlook for Under Armour (NYSE:UAA), maintaining a Buy rating and setting a $12 price target. The survey suggested Under Armour's brand is comparable in global recognition and fashion appeal to leading players like Nike and Adidas, yet appears undervalued in the market.

Despite perceptions to the contrary, Under Armour shows strong brand relevance, evidenced by a high Net Promoter Score and year-over-year improvements in purchase intentions and brand perception.

However, with about half of its products purchased at a discount, there's a potential need for more full-price sales. UBS forecasts a 17% five-year EPS growth for Under Armour and anticipates that its above-consensus performance will lead to increased market recognition and stock value.