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If you thought things were tough in the economy for retailers and apparel manufacturers, Goldman Sachs thinks they are going to get worse. Under Armour, Inc. (NYSE: UA), Columbia Sportswear Company (NASDAQ: COLM), and Nike, Inc. (NYSE: NKE) were all part of the pessimistic call.
Under Armour, Inc. (NYSE: UA) was started with a “sell” rating and a price target of $12.00 per share. Columbia Sportswear (NASDAQ: COLM) was also given a “sell” rating, and its target is $26.00. These targets are both under the current share prices as Under Armour closed at $14.12 and Columbia closed at $28.70 yesterday.
The “less negative” call was a “neutral” rating initiation on Nike, Inc. (NYSE: NKE) with a $48.00 target. The only good news is that this is at least over $6.00 of implied upside in Nike based upon a $41.61 close Monday.
Jon C. Ogg
February 24, 2009
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