After visiting stores and doing other checks throughout the Thanksgiving holiday weekend, an analyst at research firm Piper Jaffray concluded that Under Armour (UA) - Get Report , DeckersOutdoor (DECK) - Get Report and Steven Madden (SHOO) - Get Report offered higher promotions than last year, prompting her to lower her estimates and price targets on the three stocks.

MORE PROMOTIONAL: After visiting malls and big box retailers on Thanksgiving night, Piper Jaffray analyst Erinn Murphy said in a note to investors on Friday that brands that appeared more promotional than last year included Under Armour, Deckers Outdoor, Steven Madden, GoPro (GPRO) - Get Report , Michael Kors (KORS) and Ralph Lauren (RL) - Get Report . In a post-weekend follow-up note, Murphy lowered her estimates for Under Armour, saying the company remains one of the more promotional brands across the athletic landscape and that the brand remained promotional during the Thanksgiving weekend. She lowered her estimates on Under Armour for the upcoming quarter and beyond, cut her price target on the stock to $88 from $97 and keeps a Neutral rating on the name. Murphy also lowered her estimates for Deckers Outdoor after observing more UGG promotions over the Thanksgiving weekend relative to last year. The analyst cut her price target for Deckers to $55 from $63 and keeps a Neutral rating on the name. Remarking on Steven Madden, Murphy noted that the brand was more promotional not only on Black Friday but in the two days following as well. She lowered her forecast for the shoemaker to the lower end of guidance for FY15 and trimmed her price target on the stock to $36 from $41, but keeps an Overweight rating on the name.

FITBIT: Murphy, who said in her Thanksgiving notes that she views the "must-have" items as being in the electronics and cosmetics spaces this holiday season, said her checks suggested that levels of Fitbit (FIT) - Get Report products sold down well during the weekend. Importantly, the company's Flex, which she believes is the highest margin offering in its lineup, was full-price throughout the weekend. Murphy has an Overweight rating with a $60 price target on Fitbit shares.

PRICE ACTION: In Friday's holiday shortened session, Under Armour shares sunk about 2.6% to $89.68, Deckers dropped 3.2% to $50.11 and Steven Madden added 10c to $33.03.

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