Under Armour (UAA) (UA) got a vote of confidence on Friday and I was really surprised to see a high-single-digit increase in the share price as a consequence of just one analyst upgrade. The upgrade came from Stifel’s Jim Duffy, who increased its price target from $11 to $17.

I think the market’s reaction to Stifel’s upgrade tells us a lot about the sentiment around Under Armour. Something I read and hear often is that Under Armour may be a good pick now because the sentiment on the stock is very negative. I think the “Stifel rally” shows a very different situation. There is a hidden message in a 9.7% rally driven by one analyst saying there is 24% upside for the stock based on Thursday’s close and its $17 price target. A potential upside that became just 12% after the upgrade and the rally it triggered.

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