Shares of Under Armour  (UAA) - Get Report dropped on the heels of a downgrade by a previously bullish analyst and amid the larger market rout.

The Baltimore sports-apparel designer and retailer's stock at last check was off 4.7% at $9.43, compared with a near 3% drop in the S&P 500. Earlier in the day the stock traded down as much as 8.3%.

Stifel analyst Jim Duffy cut his rating to hold from buy. He also slashed his price target on the shares roughly 30%, to $11 from $16.

The athletic-wear brand, which before the coronavirus-driven economic downturn had seen sales in North America lagging, now faces a new and growing array of "near-term risks," Duffy noted.

The Stifel analyst remains bullish on the company's longer-term prospects and the turnaround plan that began to take shape in late 2019.

But Duffy wrote that for the rest of 2020 he is putting his hopes for Under Armour shares "on the bench."

To resume his previously optimistic outlook, the Stifel analyst wants to see some key retail metrics stabilize, including signs that consumer interest in new brands has revived.

Under Armour last week borrowed $700 million from its credit facility as a "precautionary measure," the company told the U.S. Securities and Exchange Commission in a filing on Thursday. 

Like many companies, the retailer, which has temporarily closed its North American stores, has cited the uncertainty in global markets resulting from the Covid-19 outbreak.

Under Armour has a revolving credit line of $1.25 billion, the company noted in its federal filing.