The call today is based on the brand's diminishing popularity in an FBR poll, the dearth of footwear innovation, and an "intensifying" price war with Nike (NKE - Get Report) following the Under Armour's debut at Kohl's (KSS - Get Report) a month ago, FBR analyst Susan Anderson wrote.
Anderson cut her price target on Under Armour's stock to $14 from $20.
Shares of Under Armour closed lower on Monday by .66% to $19.65.
(Kohl's is held in the Dividend Stock Advisor portfolio. See all of the holdings with a free trial .)
This story has been updated from 2:28 p.m. EDT.