Under Armour boss backtracks after calling Donald Trump an “asset to this country” as analyst downgrades stock

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Kevin Plank hasn't had the best week.

The Under Armour chief executive came under fire for his comments on Donald Trump, after giving an interview to CNBC last week saying: "To have such a pro-business President is something that is a real asset to this country."

It caused a backlash, including from some of Under Armour ambassadors such as basketball player Stephen Curry. "I agree with that description," he said, referring to Plank's comments. "If you remove the 'et' from asset."

Read more: Steph Curry shoes shoot Under Armour ahead of expectations

And as a result of the comments, a Susquehanna International Group analyst downgraded Under Armour stock from negative to neutral. 

In a report, Sam Poser said Plank's pro-Trump comments made it "nearly impossible to effectively build a cool urban lifestyle brand in the foreseeable future". He cut his stock-price target to $14 from $24.

Plank had said of President Trump: "I think he's highly passionate. To have such a pro-business President is something that is a real asset for the country. People can really grab that opportunity."

Now the boss of the sports apparel company has written an open letter to Baltimore, where the firm is based, taking out a full-page advert in The Baltimore Sun, saying the comments he made did not "accurately reflect my intent".

While the open letter didn't mention Trump by name, Plank listed values he said were hugely important to the company including "jobs, entrepreneurship and opportunity", and said his company did not align itself with Trump's controversial travel ban.

Read more: Government responds to anti-Trump visit petition

"We are publicly opposing the travel ban," he said in the letter, and added that the firm plans to join a "coalition of companies in opposition to any new actions that negatively impact our team, their families and our community".

We are always mindful of the responsibility that we have to those who choose our brand, especially the young people who represent the bold and bright future of a diverse and inclusive America.

Plank also said in both Baltimore and Under Armour "our diversity is our strength".