Under Armour, Inc: The Bear Case From a Bull

In the decade after its IPO on Nov. 18, 2005, Under Amour's (NYSE: UAA) (NYSE: UA) stock was an investor's dream, rising as much as 15 times in value during that time. In the years since, though, it's been more of a nightmare, as the athletic apparel company's stock price has been cut in half as growth has slowed.

While bulls like myself believe Under Armour's underlying business remains strong and that long-term investors will eventually be rewarded for holding on to their shares, the bears would argue that more pain lies ahead for the company and its shareholders.

Yet even if you're the most adamant bull -- or ardent bear -- it's important to study the threats that could derail your investments. That way, you won't be blindsided by them, and you can identify the key trends you should be watching. On that note, here are the three major bear arguments against Under Armour.

Source: Fool.com