As previously reported, Baird analyst Jonathan Komp downgraded Under Armour to Neutral from Outperform with a price target of $20, down from $31. While he said he is "highly disappointed" to step to the sideline, as he still believes the company has a "compelling" multi-year growth story, the unexpected news and subsequent disclosure of an ongoing accounting-related investigation by the SEC and DOJ "represents tangential risk to our prior thesis," Komp tells investors. He is concerned that investigations into Under Armour's accounting could represent a meaningful drag on internal bandwidth while also representing a sentiment overhang, added Komp, who stated that he has "no specific reason to suspect wrongdoing by current executives."