Analyst Downgrades: Fitbit Inc, Illumina, Inc., and Under Armour Inc

Analysts are weighing in on wearable tech specialist Fitbit Inc (NYSE:FIT), genetic analysis interest Illumina, Inc. (NASDAQ:ILMN), and athletic apparel concern Under Armour Inc (NYSE:UA). Here's a quick roundup of today's bearish brokerage notes on FIT, ILMN, and UA.

• FIT is pointed 0.8% higher ahead of the bell, despite a steep price-target cut to $30 from $54 at Baird. Fitbit Inc hit a new low of $20.25 last Thursday, as traders jeered its new Blaze model, and closed out the week at $21.52. The latest bearish analyst note comes just after reports that many FIT user accounts have been hacked, and after a national class action lawsuit was filed. The stock has been struggling since August -- less than two months after it began trading publicly -- but 14 out of 20 brokerages providing coverage still call FIT a "buy" or better. Today's bounce could be an expected correction for the shares, as the equity's 14-day Relative Strength Index (RSI) of 25 is in oversold territory.

• ILMN is set to pop 4.3%, after the firm said it will form a new company to enable early cancer screenings through a simple blood test. Still, Evercore ISI and Deutsche Bank slashed their price targets on the stock, to $177 and $178, respectively. Illumina, Inc. has been falling hard since the end of December, closing at $165.17 on Friday, but near-term option traders are more call-biased than usual. Specifically, ILMN has a Schaeffer's put/call open interest ratio (SOIR) of 0.81 -- lower than 92% of comparable readings from the past year. 

• UA is off 5% in electronic trading, after closing at $75.00 on Friday. Morgan Stanley cut its rating on Under Armour Inc to "underweight," while lowering its price target to $62 from $103. D.A. Davidson also cuts its price target, to $105 from $123. The shares have been slipping for months, bringing their 14-day RSI to 27 -- in oversold territory. Meanwhile, short interest on UA currently accounts for 12.8% of the stock's available float , or nearly eight days' of trading, at typical volumes.