Canaccord Genuity Cuts PT on Columbia Sportswear (COLM) After Q4 Warning

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Canaccord Genuity cut its price target on Hold-rated Columbia Sportswear (NASDAQ: COLM) from $50 to $48 after the negative Q4 pre- announcement.

The firm comments, "The company is now anticipating Q4 sales to be down 5%, from +1.5% previously, with further gross margin compression. As such, we are lowering our Q4 EPS estimate to $1.11 from $1.27. While we have been cautious on the stock
due to heightened levels of markdown at retail, sell-through was clearly worse than we had expected. Given the late arrival of winter weather, we believe outerwear inventory will carry over into 1H13 and likely compress gross margins further."

For an analyst ratings summary and ratings history on Columbia Sportswear click here. For more ratings news on Columbia Sportswear click here.

Shares of Columbia Sportswear closed at $50.80 yesterday, with a 52 week range of $44.49-$58.47.

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