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Janney Montgomery Scott Maintains a 'Neutral' on Zumiez, Inc. (ZUMZ); Boosting Estimates & PT on Blue Tomato Acquisition

June 20, 2012 7:14 AM EDT Send to a Friend
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Price: $29.12 -1.12%

Rating Summary:
    8 Buy, 12 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 13 | Down: 24 | New: 21
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Janney Montgomery Scott maintains a 'Neutral' on Zumiez, Inc. (NASDAQ: ZUMZ) price target of $41.00 (from $37.00).

Analyst, Adrienne Tennant, said, "ZUMZ announced that it has signed a definitive purchase agreement to acquire Blue Tomato, a leading European action sports retailer based in Austria...Based on our calculations, we believe Blue Tomato could be at least a $0.15 contribution to FY13 EPS; however, we point out that is likely to be largely offset by the required earn-out payments."

"We are raising our 2Q12, FY12 and FY13 EPS estimates to reflect the strong current business trends, as well as accretion from the Blue Tomato acquisition; 2Q12 goes to $0.14 from $0.11 (versus consensus of $0.10); FY12 goes to $1.59 from $1.54 (versus consensus of $1.54); and FY13 goes to $1.78 from $1.75 (versus consensus of $1.74)."

For an analyst ratings summary and ratings history on Zumiez, Inc. click here. For more ratings news on Zumiez, Inc. click here.

Shares of Zumiez, Inc. closed at $41.16 yesterday.

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