Dwayne Johnson in a promotional picture for Under Armour
Goldman Sachs is sticking with its buy rating on Under Armour, even after shares plunged following disappointing quarterly update and the revelation of a federal investigation into the apparel maker.
“We come away from results with our long-term thesis intact,” Goldman Sachs analyst Alexandra Walvis wrote in a note to investors. The firm removed the stock from its list of favorite stocks, but maintained a buy rating.
Under Armour delivered third-quarter results that beat Wall Street’s expectations on the top and bottom lines. But Under Armour cut its 2019 revenue forecast, while also confirming that the Securities and…