Cowen Raises Price target on Columbia Sportswear (COLM) to $75 Following 2Q15 EPS Beat
Cowen reiterated a Market Perform rating on Columbia Sportswear (NASDAQ: COLM), and raised the price target to $75.00 (from $59.00), following 2Q15 results. COLM reported Q2:15 EPS of ($0.09), ahead of consensus ($0.23) estimates. Updated FY15 EPS guidance of $2.25 to $2.35 compares to prior guidance of $2.15 to $2.25.
Analyst John Kernan commented, "Q2 represented the 11th consecutive quarter that COLM has raised its operating margin guidance and the 3rd consecutive quarter that FY15 EPS guidance has been revised upward. COLM's brands continue to capitalize on powerful trends in athletic and outdoor categories. We are raising our price target to $75 which represents 28x FY16E EPS and 14x FY16E EV/EBITDA."
Shares of Columbia Sportswear closed at $71.54 yesterday.