Piper Sandler analyst Erinn Murphy trimmed her estimates for Under Armour to reflect what she believes was a "mixed" holiday season for the broader apparel/footwear market. While the athletic space has generally had a "lid" on promotional activity most of the year, promotional activity started to pick up slightly exiting November and into December, Murphy tells investors in a research note. As such, the analyst believes Under Armour generally executed "towards" its plan but she would not be surprised if the company needed to be a little more aggressive in promotional activity into 2020 to keep up with its peers. Murphy, however, sees ramping product catalysts in 2020 and keeps an Overweight rating on Under Armour shares.