UPDATE: Northland Securities Upgrades Skullcandy, Inc. to Outperform
Shares of Skullcandy (NASDAQ: SKUL) are up 41 percent to $10.54 after reporting blowout earnings Thursday afternoon. Northland Securities upgraded shares from Market Perform to Outperform Friday morning. Analyst Andrew Burns's outlook “suggests quicker turnaround than previous thought.”
Burns believes Skullcandy is positioned well for 2014 with “clean inventories, accelerating new product introductions, new distribution opportunities, and international growth potential.” Skullcandy has done well to “solidify its place as a top 4 brand alongside Beats, Bose, and Sony,” says the analyst.
Burns is raising 2014 earnings per share and revenue estimates to $0.14 and $222.2M respectively. Other analysts are estimating $0.10 earnings per share and $218.98M for 2014.
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