Under Armour's stock drops after downgrade to rare underperform rating

MARKETWATCH | on Mon, Apr 3, 11:08 AM

Shares of Under Armour Inc. UAA, -0.66%[1] slumped 2.4% in morning trade Monday, after FBR & Co. turned bearish on the athletic apparel company, citing a brewing price war with rival Nike Inc. NKE, -0.31%[2] at Kohl's Inc. KSS, -1.66%[3] as well as changing customer preferences. Analyst Susan Anderson cut her rating to a rare underperform from market perform, and slashed her price target to $14, which is 28% below current levels, from $20. Only 1.6% of the companies covered by FBR analyst had...

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