To relegate or assign (something) to a less insignificant status; diminish.
To treat (someone) in a slighting manner.
To make (something) smaller or as small as possible; shrink; reduce.
To remove (a window) from the main display area, collapsing it to an icon or caption.
To perceive (someone or something) as having a lower value, quantity, worth, etc., than what he/she/it actually has.
An estimate that is too low.