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January 2, 2013
11:38 EDTSKULSkullcandy slides following Jefferies downgrade
Shares of headphone and audio accessory maker Skullcandy (SKUL) declined in mid-morning trading after research firm Jefferies downgraded the stock two levels, to Underperform from Buy. Jefferies analyst Randal Konik said he has become more concerned about promotional activity and competition in the headphone market. Konik noted that the in-ear segment, which comprises over 60% of Skullcandy's total revenues, is under significant competitive pressure and this trend is expect to continue in the coming quarters. Additionally, the analyst is concerned that Skullcandy is losing market share. Though Konik expects the pressure on the company's margins will likely get worse before it gets better, he also believes Skullcandy's sales trends will remain solid and sees mid-teens sales growth in 2013. In mid-morning trading, Skullcandy slid $1.06, or 13.59%, to $6.73.
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