Raymond James is still confident Under Armour (UAA -3.4%) after the company expanded on its restructuring plan and said it would lay off about 600 employees globally.

Analyst Matthew McClintock says the firm is keeping a Strong Buy rating on Under Armour and $15 price target even after the "difficult" and "prudent" restructuring actions.

Only four out of 34 Wall Street analysts covering the stock have a Buy-equivalent rating on Under Armour.

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