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February 8, 2013
11:41 EDTSKULAnalysts mixed on Skullcandy after CEO resigns
Skullcandy (SKUL), which sells headphones and other audio accessories, is falling after the company announced that its CEO, Jeremy Andrus, had resigned in order to join a private investment firm. Skullcandy also announced that its fiscal 2012 earnings per share would be at the low end of its previous guidance of $1-$1.04. Analysts' consensus estimate was $1.02. Two research analysts had different reactions to Skullcandy's news in notes to investors earlier today. Roth Capital analyst Dave King downgraded the stock to Neutral from Buy. Investors are likely to speculate that Andrus resigned because he is worried about the company’s future, wrote King, explaining that he prefers to move to the sidelines until those worries subside. However, King did admit that the stock may have reached a bottom. DA Davidson analyst Andrew Burns, on the other hand, doesn't believe that sentiment towards Skullcandy can deteriorate further, and he was encouraged by the company's fourth quarter results. The results indicate that the company's fundamentals have not collapsed, he believes. Burns maintained a Buy rating on the shares, which sank 50c, or 8%, to $6.10 in late morning trading.
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