Jefferies Upgrades Skullcandy (SKUL) to Hold

Jefferies upgraded Skullcandy (NASDAQ: SKUL) from Underperform to Hold with a price target of $8.00 (from $7.00).

Analyst Randal J. Konik said, "We are upgrading SKUL to Hold from Underperform as we see signs of sustained fundamental improvement and a cleaner foundation from an inventory, distribution and product perspective. However, we believe the road to recovery is long and still see execution risk as the company carries out its turnaround. We view risk/reward more favorably today and are raising our PT to $8."

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 $7.49 yesterday.

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