Under Armour: No Room for Error?

Three makes a trend, but it's starting to feel like bearish analysts are ready to come and pan Under Armour ( UA ). On Friday, Barron's NEXT's Avi Salzman noted that Morgan Stanley saw big challenges ahead for Under Armour, which " competes on brand image and innovation, not price "--and that changes in that model could put pressure on its shares. Today, Instinet's Simeon Siegel and team write that Under Armour has "no room for error" when it reports earnings on Jan. 31. They explain why: