UPDATE: Bank of America Raises PO on Columbia Sportswear on Swire Joint Venture

In a report published Friday, Bank of America analyst Robert Ohmes raised the price objective on Columbia Sportswear Company’s COLM from $50.00 to $58.00 and maintained a Sell rating.

According to the report, the current price objective is 16 times its 2015E EPS. The move was due in part to improving cold weather category and improving athletic footwear outlook.

“Risks to our thesis are favorable weather trends that could drive near-term revenue upside, EPS accretion from Swire (China) joint venture beginning 2014, long term operating margin upside opportunity, and opportunity to expand the footwear (including Sorel) and women's businesses,” the report said. “Risks to the downside are a worsening retail environment, unseasonable warm weather trends, rising sourcing costs, international macro headwinds in Europe and Asia, and higher-than-expected cost pressures related to investment spend.”

COLM closed Thursday at $79.00.