UPDATE: Bank of America Downgrades Columbia Sportswear Company to Underperform on Pre-Announcement

Bank of America downgraded Columbia Sportswear Company

from Buy to Underperform and lowered the price objective from $60.00 to $45.00. Bank of America commented, "We are downgrading Columbia Sportswear to Underperform (from Buy) following COLM's pre-announcement of updated 4Q12 guidance well below our forecast. COLM now expects 4Q net sales to decline – (5%) (vs. forecast up 1.5%) and operating margin erosion to 9.4%-10.3% of sales (vs. forecast 10.9%) driven primarily by weaker than anticipated sell-thru during the mild North America winter resulting in an increased promotional environment and liquidation of excess inventory (partially offset by expense reductions)." Columbia Sportswear Company closed at $52.16 on Wednesday.