Morgan Stanley analysts led by Jay Sole said Under Armour will likely meet or beat Street Q1 expectations. However, SportScan data indicates Under Armour is lowing apparel market share for the first time in three years as core US wholesale apparel sales growth, particularly women's apparel, has slowed, the analyst said. Sole believes this, as well as soft running footwear trends, will lead to future quarter sales misses plus multiple contraction. The analyst lowered his price target on Under Armour to $32 from $64 and maintains his Underweight rating.