You won't be able to get some features, such as real-time reporting, or Google Webmaster Tools verification, unless the code sits within the <head>. The whole point of the asynchronous code is that it loads and works while the rest of the page is loading. There is no UX risk from placing it within the , and it is best-practice to do so. source: Google Analytics Support
When troubleshoting Google Analytics, the most common tracker setup mistake and the first thing to verify is if the code is right after the tag. source: Google Analytics Support
