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In a report released Wednesday, D.A. Davidson analyst Andrew Burns upgrades Skullcandy Inc
SKUL from Hold to Buy while increasing its price target from $8 to $10 a share.
Analyst at D.A. Davidson favor Skullcandy's core business stabilizing, influencing operating margin improvement by 12.20 percent, higher margin in-ear product, and expansion into Walmart stores. The D.A. Davidson note covering Skullcandy states the company benefiting from Wal Mart's recent announcement of $20 million with accretive margins over the next few years.
D.A. Davidson $10 price target is based on a 10x EV/EBITDA multiple.
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