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What I hate more than anything when reading research reports is when two stocks are compared against each other when they clearly have different business models and/or are clearly targeting different customers. While Lululemon (LULU) might have been a semi-appropriate benchmark to Under Armour (UA) years ago as a successful apparel IPO, it's clear that the two companies have gone their separate directions as one continues down the path as a specialty apparel retailer while the other has broadened to general sports apparel and footwear. Under Armour has grown their top and bottom lines incredibly well since inception, but its revenues are still 1/14 of Nike (NKE).
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