UPDATE: Goldman Sachs Adds Columbia Sportswear (COLM) to Conviction Buy List
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(Updated - October 7, 2016 8:50 AM EDT)
Goldman Sachs upgraded Columbia Sportswear (NASDAQ: COLM) from Buy to Conviction Buy with a price target of $71, implying upside of 25%. Analyst Lindsay Drucker Mann sees a compelling set up given easy weather comparisons.
"We add Buy-rated COLM to the Americas Conviction List with idiosyncratic drivers to sales and margins, despite a choppy retail macro. We believe COLM’s near-term investment case is de-risked given conservative 2H guidance for sales/margins and multiple compression. We see COLM as well-positioned into 2H (>85% of full year EBIT) against easy comparisons from last year’s warm winter. Past FY16, we continue to expect COLM to drive low-teens EBIT growth from continued market share gains and steady margin expansion; EBIT margins were 10.6% in FY15 versus peers in the mid-teens and COLM’s own peak of 20%" said Drucker Mann.
Shares of Columbia Sportswear closed at $56.68 yesterday.
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