William Blair downgraded Under Armour to Market Perform from Outperform without a price target following this morning’s results. The planned “reset of the business takes away what had appeared to be a fairly compelling valuation that we thought would limit stock downside,” the analyst tells investors in a research note. The firm says that while Under Armour’s plans to focus on its premium positioning and core fundamentals could be a positive in the long term, it will take time to play out. The stock in early trading is down 1% to $6.74.
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