Under Armour (UA) shares plummeted 5.01% in intraday trading following a series of analyst downgrades and price target cuts in response to the company's disappointing first-quarter results and weak second-quarter outlook. The sportswear maker is facing significant headwinds, including margin pressures from tariffs and uncertainty in the wholesale channel.

Several prominent financial institutions adjusted their stance on Under Armour. BofA Securities lowered its price target to $6.50 from $8, while Citi reduced its target to $5.50 from $6. Both maintained a neutral rating on the stock. Goldman Sachs also reaffirmed its Hold rating with a price target of $5.00. These adjustments reflect growing concerns about the company's near-term performance and ability to navigate challenging market conditions.

Under Armour's fiscal Q2 forecast fell significantly below Street consensus, with the company projecting revenue between $1.055 billion and $1.066 billion, well under the $1.374 billion analyst estimate. The outlook calls for a low double-digit revenue decline in North America and a low-teens decline in Asia-Pacific. Analysts noted that tariffs are expected to reduce gross margin by around $100 million this year, with most benefits from mitigation strategies not materializing until next year. Despite these challenges, Under Armour's management maintains that the brand is gaining strength and they are executing their strategic plan with clarity and confidence.