Short-Squeeze Outlook for Under Armour (UA): 39.34% Gains in Last 6 Months Amid Earnings Beat and Citi Sell

Elevated short interest—33.4% of UA’s float—positions the stock for a potential short squeeze after a Q3 fiscal 2026 earnings beat lifted shares to a 52-week high of $7.70. On Feb. 6, revenue rose to $1.33B (vs. $1.31B estimate), and adjusted EPS to $0.09 (vs. -$0.20/eps loss), despite a 5.2% YO/Y revenue decline and 10% NA weakness. International sales advanced 3%, led by 20% growth in Latin America. The company closed with $464.6M in cash, retired $600M in senior notes, and raised full-year revenue guidance downshift to about -4% and EPS to $0.10-$0.11. On Feb. 10, Citi downgraded UA to “Sell” at $6.20 citing North America headwinds, sending shares down 10.7%. Valuation remains attractive at 0.60x sales, with 26% average upside to the $8.50 Street average and 63% to the $11 UBS high. Williams Trading raised its price target to $10 from $8 while maintaining a “Buy” rating, suggesting a potential continuation of the short squeeze.