UPDATE: Jefferies & Company Reiterates Buy Rating, Lowers PT on Skullcandy

In a report published Friday, Jefferies & Company reiterated its Buy rating on Skullcandy SKUL, but lowered its price target from $20.00 to $17.00. Jefferies noted, “SKUL posted in line 3Q results but trimmed its FY EPS outlook based on weaker than expected 4Q margins. On the bright side, the sales outlook was maintained as the company continues to see good topline momentum driven by higher ASPs and international. We continue to like SKUL for its powerful brand and long term growth opportunities. Reiterate Buy rating but trimming PT to $17 based on lower earnings estimates.” Skullcandy closed on Thursday at $11.71.