Under Armour Class A shares experienced a significant pre-market decline, falling 5.22%. The drop followed a strong performance in the previous session where the stock hit a one-year high.

The sharp decline was triggered by a rating downgrade from financial firm Citi. Analysts at Citi moved their recommendation on Under Armour from Neutral to Sell, while maintaining a price target of $6.20. The firm expressed concerns regarding the company's ongoing turnaround efforts in North America.