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Skullcandy Stock Plummets On Downgrade

Shares of Skullcandy (NASDAQ: SKUL) have plummeted today, hitting  a new all-time low of $6.55, after its stock was downgraded two notches to “Underperform” from “Buy” by Jeffries, citing a lack of pricing power and increasing competition in the market. Jeffries cut its price target for SKUL to $6 from $17.

Jeffries Analyst Randal Konik said in a note to investors that he has become “increasingly concerned about promotional pressures and rising competition in the headphone market.” He stated that the in-ear segment comprising more than 60% of Skullcandy’s total revenues is “under significant pressure from a variety of competitors, and we believe this trend will likely continue in coming quarters.”