Citigroup Reiterates Sell Rating, $45 PT on Columbia Sportswear Company on Q4 Earnings

In a report published Friday, Citigroup reiterated its Sell rating and $45.00 price target on Columbia Sportswear Company

. Citigroup noted, “We downgraded COLM to Sell on 2/1 and reiterate our rating following today's Q4 earnings & FY13 guidance. Our Sell is based on downside risk from: 1) brand weakness vs. competing premium brands & possibly greater y/y order declines vs. peers; 2) weak winters becoming ‘the new norm' & retailers ordering less cold weather outerwear ahead, w/2H still comprising ~63% of COLM's annual revs; and 3) shares appear overvalued, in our view, at 15.5x our updated FY14 EPS vs. our expectation of +MSD avg EPS growth over the next 2 years.” Columbia Sportswear Company closed on Thursday at $49.54.