UPDATE: Jefferies Downgrades Under Armour But Sees Positive 2015 Outlook

In a report published Monday, Jefferies analyst Randal J. Konik downgraded Under Armour Inc (NYSE: UA)from Buy to Hold and lowered the price target from $80.00 to $75.00.

In the report, Jefferies noted, “After a tough year, we remain constructive on retail stocks into 2015 as the macro environment transitions from a headwind to a tailwind for consumer demand, new managements in many instances catalyze product and brand improvement, margins benefit from lean inventories and cotton cost tailwinds and lower cap ex requirements accelerate FCF generation. DECK, FOSL, GPS, and KORS are our best ideas in 2015.”

Shares of Under Armour traded recently at $65.37, down 2.2 percent.