Columbia Sportswear price target raised to $75 from $65 at BofA

BofA analyst Alexander Perry raised the firm’s price target on Columbia Sportswear to $75 from $65 and keeps an Underperform rating on the shares following quarterly results. The company’s inventories increased 59% as the firm believes late Fall 2022 shipments led to order cancellations by retail partners. BofA told investors in a research note on Friday that it believes Columbia Sportswear will work down inventory levels in the second half of 2023 mostly in its outlet doors and should benefit from the ability to carryover evergreen styles.