UPDATE: Stifel Nicolaus Downgrades Under Armour to Hold

Stifel Nicolaus cuts its rating on Under Armour

to Hold from Buy on valuation, pending improved visibility into 2013 or when shares return into the $80s. Stifel Nicolaus says, "At $98, UA shares have eclipsed our 12-month price target of $92 and we are downgrading shares of UA from Buy to Hold on valuation. While impressed with long-run brand potential, near-term business trajectory, building management depth, and capacity for margin improvement with new operational disciplines, our preliminary views of FY13 growth and earnings power suggest upside potential to shares is more limited near-term." UA closed at $98.09 on Tuesday.