Piper Jaffray Upgrades Skullcandy (SKUL) to Neutral

Piper Jaffray upgraded Skullcandy (NASDAQ: SKUL) from Underweight to Neutral with a price target of $7.50 on new products and better discipline.

Analyst Sean Naughton said, "We are upgrading shares of Skullcandy from Underweight to Neutral as we believe the current earnings estimates are achievable, new products are selling well and the company is in a strong cash position. While we remain concerned about the longer term competitive dynamics in the industry, we think management has done an excellent job of cleaning up the distribution and improved focus across the organization. Our price target remains unchanged at $7.50/share, but we did bring our estimates up to be in line with consensus."

The firm bumped FY 2014 EPS from $0.17 to $0.19.

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 $7.75 yesterday.

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