Deutsche Bank analyst Paul Trussell downgraded Under Armour (UAA) to Sell with an unchanged price target of $17.

The performance apparel maker closed yesterday down 37c to $20.27. The analyst says a "difficult and promotional selling environment along with segmentation challenges" weaken his confidence in the company's near-term results. Even amid weak investor sentiment, Under Armour won't get a pass on potentially weak Q2 results, Trussell tells investors in a research note.

He views the company's growth story as "challenged" and questions the "expensive" valuation. The analyst this morning also upgraded DSW (DSW) and Big Lots (BIG) to Buy.