Guggenheim lowered the firm’s price target on Columbia Sportswear to $90 from $100 and keeps a Buy rating on the shares. Despite reduced top-line expectations to reflect a slow start to the fall selling season and a cautious view of the sales trends for the remainder of the year, the company continues to forecast a 10% operating margin and is “slightly increasing” its FY23 EPS estimate. However, it is now forecasting a challenging 2024 driven by consumer and retailer cautiousness and it reduced its FY24 EPS estimate to $4.55 from $5.00.
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