Given the stock's severe decline -- down 16.5% on the year and nearly 30% over the past three months -- $110 simply does not seem like a realistic target anymore, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, explained on CNBC's "Mad Dash" segment.
The analyst is making the case that Under Armour's product discounting could be worse than expected, Cramer added. Investors won't have to wait long to find out if that's the case, with the company scheduled to report earnings on Thursday.
Cramer said he doesn't expect Under Armour to report that great a quarter because the unseasonably warm weather in the beginning of the fourth quarter likely weighed on sales of the company's cold-weather gear.
But will investors focus on the negatives or look past it? Cramer said he's not trying to call the quarter but did argue that "betting against [CEO] Kevin Plank has been a mistake."
"The stock has come down a great deal," and if it comes down again, investors should consider buying it, Cramer said -- as long as the company isn't relying too heavily on steep discounts.
it doesn't help that high-valuation stocks like Under Armour have been under heavy pressure so far in 2016, he concluded.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.