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UPDATE: Needham & Company Downgrades Black Diamond Following Preliminary 4Q Results

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In a report published Wednesday, Needham & Company analyst Sean McGowan downgraded the rating on Black Diamond (NASDAQ: BDE) from Strong Buy to Buy, and lowered the price target from $18.00 to $15.00.

In the report, Needham & Company noted, “BDE reported preliminary 4Q revenue results that were below our estimates and Street expectations. Guidance for 2014 also came in well below our expectations, with management calling for growth of 16-18% YoY. The company had previously hinted that apparel sell-through at ‘large' retailers was weak but announced that, overall, the apparel launch met internal expectations. Finally, the announcement that BDE is exploring strategic options for Gregory is not unexpected as the company plans to focus on higher growth categories going forward and will likely use any capital for further investment in apparel and POC.”

Black Diamond closed on Tuesday at $10.24.

Latest Ratings for BDE

DateFirmActionFromTo
Apr 2015Stifel NicolausDowngradesBuyHold
Apr 2015DA DavidsonMaintainsBuy
Apr 2015Canaccord GenuityMaintainsBuy

View More Analyst Ratings for BDE
View the Latest Analyst Ratings

Posted-In: Needham & Company Sean McGowanAnalyst Color Downgrades Analyst Ratings

 

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