Piper Jaffray Downgrades Black Diamond (BDE) to Neutral

Piper Jaffray downgraded Black Diamond (NASDAQ: BDE) from Overweight to Neutral with a price target of $8.00 (from $13.00).

Analyst Sean Naughton notes the downgrades comes following proforma historical financial results following the sale of Gregory Mountain Product. "Filings show Gregory was much more profitable than expected, contributing ~$9.6M to FY13 EBIT (likely before corporate overhead), a year in which the company generated negative $4.7M of EBIT," the analyst said.

The firm reduced FY15 adjusted EBITDA from $23.2M to $13.2M. FY 2014 EPS goes from $0.00 to ($0.02) and FY 2015 EPS goes from $0.24 to $0.00.

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

Shares of Black Diamond closed at $10.00 yesterday.

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