The stock of Under Armour received a boost Tuesday morning when Baird analyst Jonathan Komp upgraded it from neutral to outperform and named it one of his top 2022 ideas.

Under Armour - Wikipedia

Komp maintained his $32 price objective for shares of the American sports equipment and apparel manufacturer.

Following the rating adjustment, shares of Under Armour rose to a high of $22.01 before losing some of their gains. They're currently trading around $21.45 apiece, up nearly 1% from Monday's finish.

Komp is repositioning in the clothing, footwear, and fitness industry for 2022, citing the fact that valuation multiples are unlikely to re-rate higher. As a result, the analyst is focusing on companies that have the potential for cyclical earnings rebound.