Piper Sandler analyst Erinn Murphy last night downgraded Under Armour to Neutral from Overweight with a price target of $19, down from $27. The analyst says that while she was expecting a lower than expected North America outlook, she did not expect the magnitude of the earnings cut. Murphy is positive on the changes Under Armour is making to clarify its focus as a premium, performance brand. However, she now sees a "timely return" to double digit percentage EBIT margins as less likely within the bounds of its existing five-year plan. Under Armour's margin recovery story has taken a "pause," Murphy tells investors in a research note.