UPDATE: Bank of America Cuts Target to $55 on Columbia Sportswear

Bank of America reiterates its Buy rating on Columbia Sportswear

and lowers its price target by $5 to $55 a share on a weaker 2012 outlook. Bank of America says, "COLM issued a preliminary 2012 outlook for LSD% growth in sales and earnings (vs. our prior fcst. of DD%), reflecting slight operating margin leverage as modest GM expansion is expected to offset slight SGA deleverage for the full year. We now expect significant operating margin deleverage in 1H12 as a result of SGA expansion as a % of sales and continued GM pressure related to higher input costs, greater close-out product sales, and FX headwinds, which should be offset in the backhalf of 2012 by modest GM expansion and significant SGA leverage (with y/y $ down in 2H12) with the implementation of cost containment measures to control spending." COLM closed at $47.90 a share on Thursday.