Analysts question the logic of Under Armour entering the shoe market.

Analysts question the logic of Under Armour entering the shoe market.

BALTIMORE (AP) — Athletic apparel maker Under Armour Inc. built its brand with innovative fabrics and aggressive marketing, and by using macho slogans like “We must protect this house!”

But that house could be on shaky ground because of an ambitious new shoe launch, says one analyst, whose downgrade of the stock, along with a disappointing profit forecast, pushed down shares Friday.

The company will feature a 60-second commercial during the Super Bowl on Feb. 3, pushing its new line of cross-training shoes. But Wachovia Capital Markets analyst John Rouleau said the move is a gamble in a weakening retail environment and downgraded Under Armour’s stock Friday morning.

The stock price plummeted $6.06, or 16 percent, in premarket trading, and by early afternoon, it was down 24 percent on the day to $28.01.

The downgrade followed Under Amour’s announcement Thursday that it would turn a profit of between 3 cents and 5 cents per share in the first half of the year, far below analysts’ average expectations of 39 cents for that period, according to Thomson Financial.

Company officials said that despite the Super Bowl spot, marketing expenses for the year were expected to remain in the range forecast previously — 12 percent to 13 percent of revenues.

Under Armour plans to roll out three versions of its cross-trainers in May, July and November.

The average cost of a 30-second Super Bowl ad this year is $2.7 million, according to various reports.

Under Armour’s minute-long ad will run during the first quarter of the game and give viewers their first look at the new shoe, said Steve Battista, Under Armour’s vice president of marketing, who declined to disclose the cost of the spot.

“The platform couldn’t be bigger to see what those shoes look like,” Battista said.

But Wachovia’s Rouleau downgraded the company to “Market Perform” from “Outperform” and cut yearly estimates to $1.26 from $1.28 per share.

“While ... brand momentum remains strong, the slowdown at retail combined with big inventory increases and the uncertainty surrounding launch of the cross-trainers lead us to step to the sidelines on the stock,” he said.

Other analysts, however, had a different take.

Banc of America Securities analyst Robert Ohmes continued to rate Under Armour “Buy” and said any stock-price adjustment should be used as a buying opportunity.

Brady Lemos of Morningstar said Under Armour’s stock was overvalued last summer due to “some very aggressive growth projections” and that he expects the marketing campaign to be successful.

“The Super Bowl has the perfect audience for what they’re trying to accomplish as far as their marketing goals go,” Lemos said. “Any study you want to look at, it’s certainly one of the hottest brands among youth. They clearly know what they’re doing.”

Under Armour will release its fourth-quarter earnings on Jan. 31. The company said it expects earnings of $1.03 or $1.04 per share for the full year, exceeding its previous outlook.

And it reiterated its long-term growth targets of 20 percent to 25 percent a year in both sales and earnings.

Founded in 1996, the company began by selling temperature-regulating clothes made from wicking fabrics. It expanded into footwear in 2006 by selling football cleats, and it opened its first retail store last fall.