Outdoor financials: Deckers appoints new CFO, plus Cabela's, Garmin

Deckers Outdoor Corp., parent of Teva, Ugg, Simple and Ahnu, said it appointed Thomas George as chief financial officer, Cabela's was downgraded by a JPMorgan analyst, and a Bank of America/Merrill Lynch analyst raised his rating on Garmin.
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Deckers appoints new CFO

Deckers Outdoor Corp. (Nasdaq: DECK), parent of Teva, Ugg, Simple and Ahnu, said it appointed Thomas George as chief financial officer, effective immediately, after the position was vacated by Thomas Hillebrandt who resigned in March to pursue other opportunities.

George joins Deckers from Ophthonix, where he served as CFO since February 2005. Prior to Ophthonix, he spent more than seven years as CFO for Oakley. He also held positions at Loral Corp., International Totalizator Systems, Remec Corp., among other companies.

Cabela's downgraded by JPMorgan analyst

A JPMorgan analyst downgraded Cabela's (NYSE: CAB) to "underweight" from "neutral" on the expectation of lower sales of big-ticket items, like hunting equipment which accounts for 35 percent of the company's sales.

Analyst Christopher Horvers also told investors in a research report that "consensus estimates appear too high, particularly in 2010." An analyst consensus estimate tallied by Thomson Reuters is for 2010 profit to be $1.22 per share.

Horvers also expects "prolonged weakness" in sales of other discretionary items and said that cost-cutting initiatives have made it harder for Cabela's to trim expenses much further.

Analyst raises Garmin's rating to buy

A Bank of America/Merrill Lynch analyst raised his rating on Garmin (Nasdaq: GRMN), telling clients that there are signs the market for GPS systems is improving.

Bank of America's Vivek Arya raised his rating on Garmin to "buy" from "underperform," and also lifted his price target on the stock to $45 a share from $30. He wrote in a research note there are improving signs of business in the market for GPS systems in cars, and that concerns about its products being cannibalized by smart phones with built-in GPS are overdone.

Garmin is benefiting from what he called its "unappreciated" business segments outside personal navigation, including its aviation, marine and outdoor and fitness products, according to Arya. Those segments contribute about 30 percent of Garmin's sales, but account for 45 percent of the company's operational earnings.

--Compiled by Wendy Geister

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