UPDATE: Stifel Reiterates On Black Diamond Following 8K Filing

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In a report published Tuesday, Stifel analyst Jim Duffy reiterated a Buy rating on

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Black Diamond

(NASDAQ: BDE), but lowered the price target from $15.00 to $13.00.In the report, Stifel noted, “After the close, Black Diamond Inc. filed an 8K detailing pro forma 2013 and 1Q14 results excluding the divested Gregory Mountain Products business, whose sale to Samsonite closed on July 23 ($84.1mn sale price, net of fees and taxes, $68.4mn proceeds). The filing shows that Gregory contributed $34.9mn in sales and $9.6mn in operating profit in 2013. Pro forma, excluding Gregory, Black Diamond Inc. 2013 revenue was $168.1mn with a GAAP operating loss of $14.3mn (adjusted EBIT loss of $0.9mn).”Black Diamond closed on Monday at $10.00.