NEW YORK (AP) -- Under Armour's stock fell Friday as an analyst lowered the athletic clothing and footwear company's rating, citing its surging stock price.
THE SPARK: Christian Buss of Credit Suisse cut Under Armour Inc. to "Neutral" from "Outperform." He raised its price target to $73 from $69.
THE ANALYSIS: Buss said in a client note that he's still upbeat on Under Armour's long-term earnings and revenue growth prospects, but believes the stock price accounts for a balanced risk/reward.
The analyst said that the company's U.S. clothing business is critical to its near-term growth, with international efforts becoming gradually more important over time.
A representative for Baltimore-based Under Armour did not immediately respond to an email seeking comment.
SHARE ACTION: Down $1.80, or 2.2 percent, to $78.79 in midday trading. The stock has traded in a 52-week range of $44.32 to $81.64, hitting its all-time high on Wednesday. Year to date, the shares are up 66 percent.