Needham analyst Rick Patel downgraded Columbia Sportswear to Hold, saying that while the company looks "well positioned as a long-term diversified steady growth story", the risk reward on the stock entering 2019 looks "balanced". The analyst notes that he still expects Columbia Sportswear to "hit sales and earnings expectations" in Q4 and sees its FY19 guidance as achievable, but points to FY19 EPS consensus having risen 20c to $4.08 and likely already reflecting the "continuation of strong sales and earnings growth". Patel further notes that the forward earnings multiple on the shares at 20.5-times are in line with Columbia Sportswear's historical average, while the peer specialty retail/global brand group trades at a 1-turn discount.