UPDATE: Stifel Downgrades Black Diamond As No Catalyst Is In Sight

In a report published Tuesday, Stifel analyst Jim Duffy downgraded the rating on

from Buy to Hold, and removed the $13.00 price target. In the report, Stifel noted, “BDE currently trades at approximately 1.0X FY16E TEV/revenue but approximately 23X FY16E TEV/EBITDA. While we remain optimistic about brand value/potential and opportunities financial metric improvement from the strategic pivot (strengthened capital structure with divestiture of Gregory, SKU rationalization, evolving DTC strategy), given external challenges, the slow-to-build apparel momentum, and transition efforts in 2015, we believe shares lack a catalyst and are appropriately valued until visibility to revenue acceleration and margin expansion improves.” Black Diamond closed on Monday at $8.26.