UPDATE: DA Davidson Reiterates Buy on Skullcandy on Black Friday Store Checks
DA Davidson reiterated its Buy rating and $19 price target on Skullcandy (NASDAQ: SKUL) on solid trends for Black Friday.
DA Davidson noted, "2012 Black Friday weekend appeared to be a success, with NRF estimating combined instore and online shopping visits grew 9% year-over-year (y/y) to $247 million, with the average weekend shopper spending 6% ($25) more than they did in 2011. With this backdrop, we tracked headphone promotions across all retail channels looking for signs of headphone category strength and Skullcandy brand positioning. We came away convinced Skullcandy remains a top headphone brand and consumer interest in the category is strong."
Skullcandy closed at $7.99 on Friday.
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