Under Armour: shares underperform after broker downgrade.
(CercleFinance.com) - Shares of Under Armour fell as much as 1 per cent on Tuesday after an analyst downgraded the stock, citing risks to growth and valuation.
Shares in the US sportswear maker were down 0.3 per cent to 20.2 dollars in morning trading on the Nasdaq after falling as low as 20 dollars earlier, while the technology index was up 0.4 per cent.
This morning Deutsche Bank downgraded the stock to "sell" from "hold" with a 17-dollar price target because of a "difficult and promotional selling environment."
The brokerage firm also cites ongoing changes in consumer preference and increased innovation from larger peers impacting its long term growth outlook.
"We therefore question the expensive valuation of this challenged growth story", Deutsche Bank writes in a report.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
Shares in the US sportswear maker were down 0.3 per cent to 20.2 dollars in morning trading on the Nasdaq after falling as low as 20 dollars earlier, while the technology index was up 0.4 per cent.
This morning Deutsche Bank downgraded the stock to "sell" from "hold" with a 17-dollar price target because of a "difficult and promotional selling environment."
The brokerage firm also cites ongoing changes in consumer preference and increased innovation from larger peers impacting its long term growth outlook.
"We therefore question the expensive valuation of this challenged growth story", Deutsche Bank writes in a report.
Copyright (c) 2017 CercleFinance.com. All rights reserved.