UPDATE: Auriga Reiterates Hold, Lowers Target to $48 on Columbia Sportswear

Auriga maintains its Hold rating and lowered its target price to $48 from $58 on Columbia Sportswear

as it cut estimates given unseasonably warm start to winter in many parts of the country. Auriga says, “We are cutting our Q4 EPS estimate to $1.07 from $1.13 and 2012 estimate to $3.40 from $3.56. We expect weaker than expected outerwear sales, leading to higher order cancellations and lower direct to consumer sales. COLM currently is taking orders for Fall 2012; if retailers believe they are currently sitting on too much outerwear, orders for the next season could be weak. We currently anticipate Fall bookings of +11%, however if booking are +8% we believe there is $0.10 downside to our 2012 EPS estimate of $3.40.” CLOM closed at $51.89 per share on Friday.