Oppenheimer downgrades Under Armour on time needed for change

Oppenheimer analyst Brian Nagel downgraded Under Armour (UAA) to Perform from Outperform without a price target. The firm still looks optimistically towards the longer-term potential for Under Amour, particularly now with Kevin Plank back at the helm. However, positive change at the company will require time and investors should move to the sidelines pending clearer signals of improving fundamental momentum, the analyst tells investors in a research note. The firm views the “less favorable sector backdrop as another, potentially significant hindrance” to re-positioning efforts at Under Armour in the near term. Opco is “hard-pressed to envision” the shares moving meaningfully higher until clear indications of sustained fundamental re-acceleration emerge.