CFRA Downgrades Columbia Sportswear (COLM) to Hold

CFRA analyst Zachary Warring downgraded Columbia Sportswear (NASDAQ: COLM) from Buy to Hold with a price target of $80.00 (from $88.00).

The analyst commented: "Q4 gross margin expanded 20 bps to 50.6% due to lower freight costs and favorable channel mix. Our one positive for the quarter is the improvement in inventory (down 27% Y/Y to $746M). Although COLM maintains a clean balance sheet, we lower our opinion due to a slowdown across all brands, especially in the company's largest brand, Columbia. We believe shares are near fair value."

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 $82.07 yesterday.

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