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Under Armour (UA - Get Report)  operations are improving but that hasn't translated into faster revenue growth, a Susquehanna analyst said, prompting him to cut his price target on shares of the Baltimore sports-apparel producer to $14 a share from $16. 

The new target represents a potential 31% downside from the stock's Thursday close at $20.52. Under Armour shares were trading 3.6% lower at $19.79 Friday. 

"Nothing in our channel checks in the U.S. foreshadows profitable revenue acceleration, despite management's expectation for earlier new product deliveries," Susquehanna analyst Sam Poser wrote. The analyst rates the stock negative, according to Bloomberg.

Fourth-quarter margins are expected to be pressured by the company's plan to increase off-price sales year over year. 

And Poser doesn't see any new-product launches in the pipeline that will accelerate the company's growth trajectory. He sees evidence that footwear division is losing shelf space.