Wells Fargo analyst Tom Nikic downgraded Under Armour (UAA) to Underperform and cut his price target for the shares to $13 from $17. With consumers having filled their closets with athletic wear over the past seven years, the category "appears poised to take a breather for now," Nikic tells investors in a research note. The analyst believes the trend change away from performance has left Under Armour "offsides" from a fashion perspective. Further, he notes that unlike Nike (NKE), Under Armour still generates most of its revenue in North America, where the athletic space is seeing much more pressure. The stock's valuation "still appears quite lofty," Nikic argues. The analyst lowered his estimates for Nike, Under Armour, lululemon (LULU) and Finish Line (FINL), but downgraded only Under Armour.