Jefferies has downgraded Under Armour (UA) from “Buy” to “Hold.” The firm has also lowered its price target from $80 to $75. This new price target suggests a 15% upside from the stock’s current price.

According to analyst Randal Konik: "UA had a stellar run in 2014 with shares climbing 56% as the brand continued to grow at a remarkable pace and achieve meaningful market share gains. We continue to believe in the LT power of the UA brand, underpinned by a strong core in performance apparel and strength in new products and relationships that are also driving brand awareness. The diversification strategy is clearly working and we are confident in UA’s ability to continue executing on its many growth initiatives and nearly quintuple its revenue over the next decade, driven primarily by growth in its newer categories including footwear, international, women’s and youth.

“While our positive views on the name have not changed, we see limited upside to UA share price in the near term given few near term catalysts and a slowing upward earnings revision cycle as well as increasingly high earnings expectations that are getting harder and harder to beat. We believe UA’s premium valuation fully accounts for the positive growth opportunities discussed above and view risk/reward as balanced at current levels. As such, we are downgrading UA shares from Buy to Hold rated and lowering our PT to $75 from $80.”

While it is undeniable that UA is one of the market leaders in the sports apparel industry, the stock is very expensive. We believe that the stock’s current valuation justifies this most recent downgrade from Jefferies. On a pullback, UA could be a great opportunity for fund managers and individual investors.

Investors interested in Under Armour may also be interested in the mutual funds listed below. These three funds currently hold the largest stakes in the company.

The funds above are a great way for investors to gain exposure to UA while remaining diversified. Investors interested in Under Armour may also be interested in Nike (NKE) and Finish Line (FINL).