UPDATE: Piper Jaffray Downgrades Skullcandy to Underweight on Weak Guidance

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Piper Jaffray downgraded Skullcandy (NASDAQ: SKUL) from Buy to Underperform and lowered the price target from $9.00 to $4.50.Piper Jaffray noted, "In-line Q4 results will take a back seat to shockingly weak guidance and a painful, but potentially necessary, brand reset for Skullcandy. On last night's earnings call, Interim CEO Rick Alden offered an honest and pointed assessment of the company he founded, outlining dramatic changes to maintain brand relevance and position the company for the future. These efforts will dramatically reduce profitability in 2013 […]. While shares will likely be under pressure, we are reducing our rating from Neutral to underweight as these changes will take time to enact and the ultimate success that these initiatives will have in driving revenue and earnings growth is unclear."Skullcandy closed at $6.72 on Thursday.

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