Columbia Sportswear rises as Stifel turns bullish
08/07/2024 14:12
** Shares of Columbia Sportswear COLM.O up 1.3% at $77.15
premarket after Stifel upgrades to "buy" from "hold"
** Brokerage boosts PT by $8 to $92, implying ~21% upside to
stock's last close
** Stifel said upgrade is opportunistic, citing high
potential for positive rev surprise beginning FY4Q and into FY25
** Beginning FY4Q, COLM will lap order cancellations,
uncooperative weather, and DTC (direct-to-consumer) declines in
yr ago period, Stifel said in note
** Based on its analysis of sports and lifestyle brands
equity valuation creation variables, Stifel said COLM screens
well, pointing to combination of co's balance sheet strength and
low investor expectations
** Now, 2 of 9 brokerages rate COLM "strong buy", 5 have
"hold" and 2 recommend "sell", per LSEG
** Median PT of $75.50 unchanged from a month ago, but up
from $70 on Apr 8
** Through Fri close, COLM shares down ~4% YTD
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))