Morgan Stanley Downgrade Sinks Under Armour

Under Armour Inc (NYSE: UA) shares are trading lower by $6 at $69 in Monday's session. The catalyst for the continuation of its sharp decline is a downgrade from Morgan Stanley from Equal-weight to Under-weight.

In addition, the price target for the issue was lowered from $103 to $62.

After a lower open, the issue attempted to rebound but find resistance well ahead of the lower-end of Friday's range ($74.78), only reaching $72.41.

So far, the ensuing decline has taken the issue to $68.51 before rebounding into the $69 handle.

The last time the issue traded under $70 was back on January 23, 2015, when it made an intraday low at $69 and ended the session at $69.82.