Baltimore-based Under Armour Inc. (UAA) has received polarizing opinions from the Street in recent quarters. Analysts argue over the company’s prospects and value as shares continue on their downward spiral, sinking about 35% so far in 2017 after suffering a 28% decline last year. (See also: Is Under Armour Now Good Value After Sliding 45%?)

While the Street maintains an overall negative view on shares of the athletic apparel maker, SunTrust’s Robinson Humphrey offered a more optimistic view on Wednesday. Analyst Pamela Quintiliano and her team argue that there’s “compelling opportunity at current levels” in UAA shares.

 UAA as Long-Term Growth Opportunity

Quintiliano says the investment firm believes UAA is a "unique and compelling longer-term growth opportunity,” noting that Under Armour’s shares are trading at a discount across metrics, “34.3x on a forward PE basis (vs. 47.0x five-year historical average), 15.5x EV/EBITDA (vs. 32.5x) and 1.5x EV/Sales (vs. 4.2x).”

Further, SunTrust suggests UAA has the highest short interest within its coverage at 27.8% in April versus an average of 9.5% for the rest of the group, “and has been trending higher over the last three months (from 23.5% in January.)” The analysts believe significant downside risk is limited at current levels as they expect Under Armour’s momentum to build as the year progresses.

Quintiliano also commended the athleisure company’s move into midtier stores, including recently inked deals with Kohl’s Corp. (KSS) and DSW Inc. (DSW), as opposed to bears who fear partnerships with lower-end retailers will continue to diminish the beaten-down sports brand’s reputation. (See also: Under Armour’s New DSW Deal Worries Investors.)

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