Piper Jaffray Upgrades Zumiez, Inc. (ZUMZ) to Overweight
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Piper Jaffray upgraded Zumiez, Inc. (NASDAQ: ZUMZ) from Neutral to Overweight with a price target of $28.00.
Analyst Neely Tamminga commented, "We are upgrading our investment rating on ZUMZ from Neutral to Overweight because proprietary survey data is pointing to strength for Zumiez and the brands it sells. Given the significant array of brands carried and sold by Zumiez, we created a Zumiez Brand Index to better gauge the mindshare in our data. Often these brands are limited in their distribution and nearly exclusive with Zumiez, so we believe a vote in one of the Zumiez-carried brands is a de facto vote for Zumiez. This fall, we note that among the upper-income teens in our survey, the Zumiez Brand Index carried 5.1% of the overall vote—up from 4.1% a year ago. When looking at the upper-income males, the Zumiez Brand Index accounted for 7.9% of the mindshare, up from 6.7% a year ago, and comparable to brands like Ralph Lauren and American Eagle in our top ten survey."
Shares of Zumiez, Inc. closed at $22.47 yesterday.
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