I currently view COLM as being "moderately undervalued". It has low debt, and a history of good RoE, and is starting to show up on my stock screens.
I'm interested in taking a position -- I think that their brand name is very solid and well-diversified. (At least where I'm from, *everyone* has at least one item made by COLM -- usually winter jackets.)
But that said, I think that I'll wait until after January 31st in the hopes that they'll have some bad short-term news -- compared to most retailers, this stock is a bit on the pricey side, and given how other consumer-oriented companies are being priced for an impending apocalypse, this stock can afford to lose a few dollars before it becomes more attractive.
The fact that 21% of the float is currently short also seems pretty high, and this suggests to me that other people are also expecting it to drop in the near-term.