After one lackluster quarter, Wall Street has decided to gang up on one of the greatest retail growth stories of all time.

The first investment bank analyst to toss some hator-ade atop the head of Under Armour bulls is Nomura, which sounded the alarm bell this week on slowing sales of Stephen Curry basketball sneakers.

"Although our channel checks clearly have room for error, we worry that any slowdown in the Curry launches this early would not bode well for the longer-term earnings power of the obviously key franchise to Under Armour," analyst Simeon Siegel wrote. Given Under Armour is reliant on Steph Curry to drive its footwear sales (and drive buzz more broadly), as TheStreet has reported, any slowdown could bring the type of profit risk to Under Armour that investors currently may not expect.

Slowing sales of Curry sneakers could pop up when Under Armour announces fourth quarter results on Tuesday.

Meanwhile, Nomura felt it had to add that Under Armour may no longer be growing as profitably as in the past.

"With industry-leading growth persisting, there's no questioning Under Armour will continue to grow into a larger company," Siegel wrote. "To this end, we remain concerned that the realization of capped margins will pressure the multiple."

But as Apple's (AAPL) - Get Report illustrious founder Steve Jobs said often, "One more thing." Jay Sole over at Morgan Stanley (a long-time critic of Under Armour's valuation) flat out unloaded on Under Armour Monday.

Sole listed several major reasons behind his underweight rating on Under Armour's stock, ranging from rampant 40% off discounts at the company's outlet stores and online during the holidays to "surprising" weakness in its basketball footwear category.

"We believe the launch of the Curry 3 is falling short of expectations and the Curry franchise represents 80% of Under Armour's basketball business," says Sole, adding, "Under Armour's running footwear business is more stable, but we believe the company is still not competing successfully against Nike (NKE) - Get Report and Adidas (ADDYY) in premium channels such as Foot Locker (FL) - Get Report ."

Like Nomura's Siegel, Sole is bearish on Under Armour's shares headed into the company's earnings release.

As to the source for Wall Street's rising bearishness on Under Armour, look no further than the company's third-quarter earnings release from October.

Under Armour's stocked plunged as much as 20% on Oct. 25 as executives reiterated that they see revenue rising 20% in 2017 and 2018, but operating income may rise by a slower mid-teens rate. Overall, Under Armour continued to expect sales reaching $7.5 billion by 2018, but operating profits could fall short of a $800 million target. The commentary, which amounted to a longer term profit warning, spooked Wall Street. Since then, shares have fallen another 11% or so to $25.52.

One could make the case, however, that Wall Street shouldn't have been too shocked by the news. For Under Armour to move up in weight class to better compete with Nike, it will require several big-time investments over the next two years that stand to take a bite out of profit. One investment for Under Armour, and arguably its most important, will be on the sports marketing front.

Nike pioneered the use of athletes and deals with sports teams to help hawk clothing and shoes, and now Under Armour will have to disrupt the standard bearer by opening up its checkbook to sign more stars beyond Stephen Curry, Tom Brady and Bryce Harper. The company will also need to hire more talent, especially in footwear.

The investments arrive at a time in which the company's apparel sales are slowing after years of torrid growth, brick-and-mortar retailers such as Macy's (M) - Get Report are shuttering stores in droves thanks to the shift toward online shopping, and Adidas and Reebok (owned by Adidas) have re-emerged on the cool club scene among shoppers.

If anyone could eventually beat back the Wall Street bears it will be Under Armour founder Kevin Plank, the man who built the company from the ground floor. For now, however, the bears have Plank cornered.