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In a report published Tuesday, D.A. Davidson & Co. analyst Andrew Burns downgraded the rating on
Black DiamondBDE from Buy to Neutral, but reiterated the $15.00 price target.
In the report, D.A. Davidson & Co. noted, “BDE reported revenue of $52.8 million, well below our estimate of $58.2 million and consensus of $59.7 million. Pro-forma fully taxed EPS, GAAP EPS and adjusted cash EPS were $(0.01), $(0.04) and $0.11, respectively. Consensus EPS was $0.05. Revenue grew 8% year-over-year (y/y), fueled by 4% growth in domestic sales and 11% international growth. Gross margin of 40.2% was up 8bp y/y driven by favorable product mix (+210bp) and FX (+30bp), partially offset by discontinued merchandise and inventory adjustments (-230bp). SG&A of $21.0 million was up 28% y/y. Full year 2013 guidance was reiterated (excluding 1x product recall costs of $1.5 million) calling for revenue of $205-$210 million (17%-19% y/y growth) and gross margin of 38.5%-40.0%.”
Black Diamond closed on Monday at $14.71.
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