Under Armour Stock Downgraded: How Much Worse Can It Get?
Every day, Wall Street analysts upgrade some stocks, downgrade others, and "initiate coverage" on a few more. But do these analysts even know what they're talking about? Today, we're taking one high-profile Wall Street pick and putting it under the microscope.
Under Armour (NYSE: UAA) (NYSE: UA) stock has shed more than half its value since the start of the year -- and if you ask Wall Street, the worst is yet to come.
When Under Armour reported earnings yesterday (sales down 5% year over year, and profits down nearly 60%), Wall Street's reaction was fast and furious. In rapid succession, Bank of America, J.P. Morgan, and DA Davidson all rushed to downgrade the stock, while Barclays, Piper Jaffray, and FBR cut price targets. Now, a new day is dawning, but the weather looks just as stormy for Under Armour shareholders.
Source: Fool.com