Columbia Sportswear: Sinks on disappointing holiday forecast
30/10/2020 15:38
** Shares of outdoor lifestyle apparel maker COLM.O slide
16.9% to $79.99 - Stock set for its worst day in nearly twenty
years if losses hold
** COLM also touches its lowest level in over two months on
a disappointing holiday quarter forecast
** COLM forecasts Q4 EPS of $1.07 to $1.32 vs analysts' EPS
estimates of $1.47; Expects Q4 net sales of $850 mln to $880
mln, again below estimates of $891.4 mln
** Also misses Q3 sales and profit estimates urn:newsml:reuters.com:*:nASA01AYM
** Analysts at Cowen & Co say COLM's forecast is likely due
to uncertainty surrounding COVID-19 and potential further supply
chain constraints; Cuts PT on stock by $2 to $98
** COLM has a median PT of $99 and an avg. "buy" rating on
Wall Street
** Stock down 8.3% in October and has lost 20.4% of its
value this year
(Reporting by Uday Sampath in Bengaluru)
((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223
8780; Twitter: https://twitter.com/sampath_uday ;))