UPDATE: D.A. Davidson & Co. Reiterates on Columbia Sportswear Company as 3Q Results Exceed Expectations

In a report published Friday, D.A. Davidson & Co. analyst Andrew Burns reiterated a Neutral rating on

, and raised the price target from $66.00 to $73.00. In the report, D.A. Davidson & Co. noted, “COLM reported revenue and EPS of $523.1 million and $1.57. Consensus was looking for $513.7 million and $1.43 and our estimates were $511.9 million and $1.42. By brand, Columbia revenue was down 1.2% year-over-year (y/y), Mountain Hardwear was down 8.6%, and Sorel was down 22.5%. By region, EMEA grew 29% y/y, Canada declined 4%, the U.S. declined 7%, and LAAP declined 15%. Gross margin decreased 29bp to 44.4% driven by unfavorable FX hedges and sales mix. SG&A grew 1.7% y/y to $163.0 million, representing 31.2% as a percent of sales (29.4% in 3Q12). Inventory declined 14% y/y. Columbia Sportswear Company closed on Thursday at $65.11.