Under Armour (UA - Get Report)   (UAA - Get Report)  stock is little changed a day after investors hammered the sportswear company amid disclosure of a federal probe into its accounting practices. But analysts are looking hard at the company and the shares remain under pressure.

The Class A shares edged down 0.2% to $17.11 after they lost 19% on Monday. The company said federal investigators are examining its accounting practices, in a review that began in 2017.

The Securities and Exchange Commission and the Justice Department are looking at whether the Baltimore company tried to make sales look better than they were by shuttling numbers between various quarters, The Wall Street Journal reported on Sunday.

Credit Suisse cut its price target on Under Armour to $20 a share from $25, while UBS, citing uncertainty the probe created, has a $21 price target on the stock and a neutral rating.

Baird slashed its price target to $20 a share from $31, with analysts there writing that at "a minimum we see heightened near-term execution risk stemming from internal distraction, and/or sentiment overhang."

Under Armour executives have declined to discuss the details of the investigation.

"We firmly believe that our past accounting practices and disclosures were entirely appropriate," David Bergman, Under Armour's accounting chief, said in a phone call with analysts. "And we've been fully cooperating for the past 2.5 years on this."

News of the federal probe has overshadowed Under Armour's relatively positive third-quarter results.

While revenue in North America dropped 4%, Under Armour earned 23 cents a share, beating the 18-cent estimate of analysts surveyed by FactSet,

Under Armour "posted third-quarter earnings on Monday morning and nobody cared," wrote Real Money's Stephen Guilfoyle.

"The far bigger story had been reported first at The Wall Street Journal and then everywhere else that the firm is cooperating with investigators at both the SEC (Securities and Exchange Commission) as well as the Justice Department regarding past revenue recognition."