Wells Fargo is taking a step back on Under Armour . The bank downgraded shares of the athletic clothing company to equal weight from overweight Friday. "We expect the NA wholesale channel to remain difficult at least through the end of '23, which will likely continue to be a drag on [revenue] growth," Gaetner said. "Retailers remain cautious with orders, as headwinds (inflationary pressures, lower gov't subsidies) continue to weigh on demand." Gaetner added that the North American wholesale market makes up more than half of Under Armour's revenue and expects a decline of 2.2% to revenue growth in 2024.

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Persons: Wells, Will Gaetner, Gaetner, Stephanie Linnartz, Linnartz, Armour, — CNBC's Michael Bloom Organizations: UA, Armour, ahs Locations: American