UPDATE: DA Davidson Raises PT to $57 on Columbia Sportswear Company on Solid Quarterly Results

DA Davidson reiterated its Neutral rating on Columbia Sportswear Company

but raised its price target slightly from $56 to $57. DA Davidson noted, "3Q results demonstrated healthy U.S. topline performance, considering the weather impact, as well as impressive margin improvement despite the revenue decline. We are not overly concerned with below consensus 1H13 revenue guidance, considering management's highly conservative approach to guidance assumptions. Strong execution in 3Q suggests COLM is positioned for an earnings rebound in 2013 should a “normal” winter season play out. We remainpositive on COLM's long-term growth and margin prospects; however, we await increased visibility to the timing of revenue growth acceleration and meaningful margin improvement." Columbia Sportswear Company closed at $53.70 on Thursday.