Jefferies Positive on Skullcandy (SKUL) After Q1; 'This is a Brand, Not a Fad'

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Jefferies reiterated its Buy rating and $22 price target on Skullcandy (NASDAQ: SKUL) following Q1 results.

The firm comments, "Since the IPO, the fear around this stock is simple: that this is a fad, not a brand. With sales up ~50%, a robust product portfolio and strong following of the action sports consumer, we see SKUL as having plenty of growth and legs on a LT basis in both domestic and int’l markets. While elevated NT investments are offsetting some earning upside, this should begin to ease in 2H and provide nice flow-through in '13."

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

Shares of Skullcandy closed at $16.65 yesterday, with a 52 week range of $11.79-$23.40.

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