Brean Capital analyst Eric Tracy downgraded Under Armour (UA) to Hold saying execution risks are heightened following yesterday's announcement that Chief Merchandising Officer Henry Stafford and Chief Digital Officer Robin Thurston will leave the company in July.

Further, the current "premium valuation that leaves little room for error," Tracy tells investors in a research note. The analyst likes Under Armour's long-term story but views the current risk/reward as "relatively neutralized." The stock closed yesterday down $1.02 to $42.72.