08:10 AM EDT, 04/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our 12-month price target of $80, based on 20.0x our 2024 EPS estimate and slightly lower than the company's 10-year average forward P/E multiple of 20.8x. We maintain our 2024 and 2025 EPS estimates of $4.00 and $4.50, respectively. COLM posts normalized Q1 EPS of $0.71 vs. $0.74, $0.34 above consensus estimates on revenues of $770M vs. $821M and $27M above estimates. By brand in Q1, revenue for Columbia declined 6% Y/Y, SOREL declined 24%, prAna declined 4%, and Mountain Hardwear increased 17%. DTC revenues increased 3% Y/Y while Wholesale declined 14%. Inventory declined 37% Y/Y to $607M. Q1 gross margin expanded 190 bps Y/Y to 50.6% due to lower freight costs and favorable channel mix. After hitting reset on inventory at the expense of growth and margins, COLM is now well positioned to return to growth and efficiency, in our view. However, we do not see significant upside to shares, which trade around 20.0x analyst 2024 EPS estimates and in line with the company's historical average.