Several stories (like this one) coupled Jordan Spieth's Masters loss with an analyst report as the cause of an early week plunge in Under Armour shares.
But the Baltimore Sun's Christopher Dinsmore says the plunge was all about a Morgan Stanley analysis that affirmed an "underweight" rating on the UA stock.
Morgan Stanley analyst Jay Sole, who follows Under Armour, reportedly issued a downbeat report this weekend that said he is worried about weakening demand for women's apparel and running shoes and affirmed his "underweight" rating on the company's stock.
He called Under Armour's growth in running shoes "unsustainable" and, coupled with slowing sales to women, will result in an earnings miss in the near future.
Under Armour reports first quarter results on April 21.
"We think a large part of the issue is UA is fully penetrated in its traditional sporting goods channel and perhaps more importantly, the industry is experiencing a slowdown," explained Sole, according to this report on Benzinga.