Under Armour's (UA 0.61%) (UAA 0.75%) stock price should move up to $17 per share. That's the view of analyst Matthew Boss from JPMorgan Chase's J.P. Morgan unit, who on Monday raised his price target to that level from the previous $12.

Interestingly, although this implies a potential gain of nearly 40% on the current price, Boss maintained his neutral rating on the stock, despite his prediction that Under Armour will top analyst estimates in its Q3 2020 results. These are slated to be released this Friday, Oct. 30; the analyst thinks the company's net profit will be well higher than the average estimate: $0.07 per share, against expectations of $0.02.

Man with fisftul of cash in a stadium.

Image source: Getty Images.

In his research note detailing the price target increase, Boss wrote that "our recent work points to sequential top-line acceleration including a strong September to exit the quarter (= favorable apparel trends supported by later back-to-school shift in the U.S.) driven by the increased shift toward health/wellness and casualization with potential incremental gross margin upside to our modeled pricing/promotional pressure."

He is not the only analyst to boost his price target on Under Armour. Citigroup raised its own by 30% (to $13) in August, flagging the stock with a buy recommendation. More optimistically (and recently), Raymond James Financial last week hiked its target to $20 from $15, recommending it as a strong buy.

Those new views might not match the opinions of investors. On Monday, Under Armour shares sank by 4%, against the 1.9% fall of the S&P 500 index.