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Shares of Under Armour (UA) were fell over 1.5% in trading on Tuesday after analysts at Wells Fargo downgraded the athletic apparel retailer's stock to "Underperform" from "Market Perform" with a $13 price target.

"The industry has had a remarkable track record of success over the long-term, but with consumers having filled their closets with athleticwear over the past 6-7 years, meaningful distribution issues (bankruptcies, store closures, etc.) and a current 'lull' in product innovation, the category appears poised to take a breather for now," Wells Fargo analyst Tom Nikic noted.

Those concerning factors will limit future growth opportunities for Under Armour, whose stock is lower over 40% year-to-date.

Nikic's $13 price target is predicated on his 30x full-year 2019 earnings per share estimate.

Watch: The Problem with Under Armour's Stephen Curry Sneakers: If You Have One: You Have Them All

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