UPDATE: Sterne Agee Downgrades Under Armour

High flying share of

were downgraded by Sterne Agee from Buy Neutral, but announced a 2017 price target of $170. Analyst Sam Poser remains “very bullish on the long-term outlook for UA due to the ongoing momentum of all apparel categories, progress in athletic footwear, and the pending material acceleration of international growth.” However, the analyst “finds it difficult to step in now with a 12- to 18-month time horizon given the 65X multiple on [his] FY14 EPS estimate.” Shares of Under Armour are down 1.4 percent to $120.25 in Thursday's pre-market trading.