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Blame Morgan Stanley, not Jordan Spieth, for Under Armour's stock price

One might be forgiven for associating the swoon in Under Armour's stock price Monday with golfer Jordan Spieth's epic collapse Sunday at the Masters, but they're not really related.

While Under Armour's fortunes are tied somewhat to the world No. 1 golfer, who debuted a new line of golf shoes from the Baltimore sports apparel and shoe brand this spring, other news sent the company's stock down more than 5 percent.

Morgan Stanley analyst Jay Sole, who follows Under Armour, reportedly issued a downbeat report this weekend that said he is worried about weakening demand for women's apparel and running shoes and affirmed his "underweight" rating on the company's stock.

He called Under Armour's growth in running shoes "unsustainable" and, coupled with slowing sales to women, will result in an earnings miss in the near future.

Under Armour reports first quarter results on April 21.

"We think a large part of the issue is UA is fully penetrated in its traditional sporting goods channel and perhaps more importantly, the industry is experiencing a slowdown," explained Sole, according to this report on Benzinga.

He set a price target of $32 a share for Under Armour, well below its Friday close of $43.57 each. As a result, its shares lurched downward Monday, falling $2.39 each to close at $41.15 a share.

Not quite a quadruple bogey meltdown, but remember Spieth still finished second just as Under Armour is solidifying its second place to Nike in the nation's athletic apparel market with its ongoing growth.

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