Times may be tough for Under Armour

High inventory and limited growth opportunities are likely to weigh on Baltimore-based athletic gear seller Under Armour next year as difficult economic conditions continue, an analyst said Friday.

Jeff Mintz of Wedbush Morgan Securities downgraded Under Armour to “Hold” from “Buy” and reduced his share price target to $25 from $27. He said the company is likely to be challenged in 2009 as men’s apparel stores face ongoing weakness.