KeyBanc Starts Columbia Sportswear (COLM) at Sector Weight
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KeyBanc initiated coverage on Columbia Sportswear (NASDAQ: COLM) with a Sector Weight rating. Analyst Jessica Schmidt said she would be opportunistic on a pullback.
"We think COLM operates an attractive portfolio of brands, with three of its four brands at less than $250M sales and a history of success building a $1.9B+ lifestyle brand. DTC remains an underappreciated element of COLM’s growth story, in our opinion, and view the founding family as important stewards of the culture. However, high exposure to cold weather and a retail environment still struggling to recover from last year’s warm winter leave us concerned. At 19.4x 2017E P/E and 9.8x2017E EV/EBITDA, compared to its apparel (13.7x 2017E P/E and 7.9," said Schmidt.
Shares of Columbia Sportswear closed at $56.49 yesterday.
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