Under Armour  (UA) was able to outperform Wall Street's expectations in spite of the company reporting a quarterly loss for the first time in its history, leading the market to reward the company with a 9% gain in trading Friday. 

Analysts at Baird believe that the day of trading is a sign that investors are lowering their expectations for the former growth stock. 

"We think the lowered Q2 bar probably de-risks the near-term outlook, setting up the planned 2H acceleration as a key proof point on whether UA can successfully shift its product/positioning," analysts wrote. "We are staying the course, and will seek opportunities (hopefully during 2H) to raise our conviction level."

(What will move markets this quarter and how should investors position themselves ahead of time? Jim Cramer sat down with four of TheStreet's top columnists recently to get their views. Click here to listen to his latest Trading Strategies roundtable with them and read their advice for stocks, bonds, forex and gold.)

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