Citi analyst Paul Lejuez downgraded Columbia Sportswear (COLM) to Neutral from Buy with a price target of $100, down from $110. The analyst sees a "challenging environment" for outerwear in Q4 and a likelihood for lingering effects into fiscal 2020. With VF Corp. (VFC) calling out high inventories across the sector, it could mean higher promos for all companies in Q1, Lejuez tells investors in a research note. He believes this may impact near term ordering and cause more conservative planning by retailers for the second half of 2020. The analyst finds Columbia Sportswear's risk/reward as more balanced given this backdrop.