To borrow locker room vernacular, Under Armour is clicking on all cylinders: Its sales are expected to exceed $200 million, it continues to beat back Nike for dominance selling high-performance moisture-wicking clothing and its "Protect this House!" advertising campaign is part of the cultural lexicon.

What's next, then, for Baltimore's Under Armour, the darling of the sports apparel industry? How does it, one might say, take things to the next level?

Industry and local business analysts have picked up the buzz surrounding Under Armour and its future and can't help but wonder if the catalyst behind another lucrative business transaction might be residing along the industrial waterfront in South Baltimore.

Will the company stay privately held, be acquired by a Nike or a Reebok -- the former a $12 billion company with a stated mission to dominate the performance apparel industry -- or go public and go toe to toe with them?

Just as speculation mounted a year ago at this time about the future aspirations of Advertising.com, trying to foretell Under Armour's plans is becoming a favorite parlor game. Ad.com, the Internet marketing firm and Under Armour neighbor at the Tide Point office complex, did file to go public before being acquired by America Online for $435 million in cash this summer.

Sales of $250 million or more would be necessary to achieve the market capitalization necessary as a public company to attract big institutional investors, said Susquehanna Financial Group analyst John J. Shanley.

By that measure Under Armour "could be on the threshold" of making a move, Shanley said. Or hooking a suitor.

Last year Converse was planning an initial public offering -- and was swept off its feet by a $305 million offer from Nike, about $100 million more than an investment group had paid for the struggling sneaker company.