Goldman Sachs Disses Sporting Apparel (UA, COLM, NKE)
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…
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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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