Oppenheimer analyst Anna Andreeva says shares of Under Armour (UAA) remain expensive even with the 25% pullback year-to-date. The Q1 decline in North America sales is likely to continue in Q2 as the addition of Kohl's (KSS) isn't enough to offset store bankruptcies and a "choppy environment," Andreeva tells investors in a research note. She points out that Under Armour's annual sales guidance assumes North America recovers in the second half of 2017, aided by new distribution and expansion in existing franchises. Andreeva believes, however, that Nike's (NKE) focus on its own stores and adidas' (ADDYY) ongoing momentum may be too tough for Under Armour to overcome. The analyst keeps a Perform rating on the shares and her estimates for 2017 and 2018 remain below consensus.