Under Armour hiring Linnartz as new CEO seen as a 'step in the right direction'

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By Senad Karaahmetovic 

Under Armour (NYSE:UAA) announced yesterday that Stephanie Linnartz will become the company's new President and Chief Executive Officer. Linnartz, who currently serves as the president of Marriott International (NASDAQ:MAR), is expected to join on February 27.

"As a 25-year veteran of one of the world's most respected global companies, we are thrilled to welcome Stephanie to the brand," said Kevin Plank, Under Armour Executive Chair and Brand Chief.

Linnartz is also a member of The Home Depot's (NYSE:HD) Board of Directors.

"She is a proven growth leader with a distinguished track record of brand strategy, omnichannel execution, talent acquisition and development, and passion for driving best-in-class consumer connectivity, experience, and brand loyalty," Plank added.

Upon Linnartz joining the company, Colin Browne will return to his Chief Operating Officer role.

Jefferies analysts said the hire of Linnartz is "the step in the right direction" given that the Under Armour is a "brand stuck in Neutral."

"Given ongoing leadership adjustments over the last year, we believe the appointment of a well-established senior executive such as Stephanie Linnartz is a step in the right direction for UAA… That said, given the tough macro environment, lagging fundamentals, and recent underwhelming results, we remain on the sidelines," the analysts wrote in a client note.

Stifel analysts reiterated a Buy rating and a $12 per share price target on UAA stock.

"We are pleased to see an outside candidate with complimentary skill set fill the role. Working in partnership with Mr. Plank and Mr. Browne, we view Ms. Linnartz a good match, and reaffirm our Buy rating and $12 target price," they said.

Telsey Advisory Group analysts raised the price target on UAA stock to $11 per share from the prior $9. Still, they reiterated a Marker Perform rating as they see a balanced risk/reward "given Under Armour's exposure to apparel where excess inventory from competitors is heaviest."

"We are pleased to hear the selection of Ms. Linnartz and expect her to enhance Under Armour's digital sales, customer loyalty, and brand presence—areas where Ms. Linnartz has had expertise at Marriott. Ms. Linnartz also has prior experience in the sports world, having led partnerships between Marriott and various professional sports leagues, including the NFL and NCAA," the analysts said in a note.

"Under the leadership of Ms. Linnartz, we expect Under Armour to continue to execute against the strategic plan previously laid out and don't see a big near-term change in strategy."

Under Armour stock is up 0.5% in pre-market Thursday.