UPDATE: Jefferies Lowers PT on Skullcandy Following Soft 1Q Results
In a report published Friday, Jefferies analyst Randal J. Konik reiterated an Underperform rating on Skullcandy (NASDAQ: SKUL), but slightly lowered the price target from $5.00 to $4.00.
In the report, Konik noted, “SKUL posted soft 1Q results that came in slightly better than low expectations. We continue to expect tough trends to continue in 2013 as the company is revamping its strategy and investing in demand creation. We remain cautious on SKUL as it faces a difficult competitive environment and multiple margin headwinds.”
Skullcandy closed on Thursday at $5.17.
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