BALTIMORE, United States — Under Armour Inc. fell the most in more than four months after its long-term growth outlook disappointed investors.

In its first investor day since 2015, Under Armour said it expects annual revenue growth in the low-single digits from 2020 to 2023. Stifel analyst Jim Duffy said the five-year outlook looked like “manageable objectives that will likely prove conservative” over time. Analysts surveyed by Bloomberg estimate revenue growth in the 5 percent to 8 percent range over that time frame.

The shares slid as much as 9.9 percent in New York, their biggest intraday drop since July 27. The stock has lost 15 percent over a four-day skid but is still up 42 percent in 2018.

By Janet Freund and Catherine Larkin; editors: Arie Shapira and Steven Fromm.