Stifel Raises Price Target on Zumiez, Inc. (ZUMZ) to $18 Following Comp Sales Report
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Stifel reiterated a Hold rating on Zumiez, Inc. (NASDAQ: ZUMZ), and raised the price target to $18.00 (from $17.00), following the company's September comparable sales report. Comp sales increased 6.3%, better than the consensus estimate of 2%. Management provided an improved outlook for 3Q, given the significant sales beat, and now anticipates EPS to be in the range of $0.29-$0.30 (versus previous guidance of $0.21-$0.26), ahead of consensus of $0.24.
Analyst Richard Jaffe commented, "ZUMZ reported a September comparable sales increase of 6.3%, well above our estimate and consensus of a 2% and 1.5% decrease, respectively. Men’s, accessories, and juniors comped positively, while hardgoods and footwear comped negatively. Men’s continues to outperform, due to more inspiring assortments and what we believe to be a shift in the fashion cycle, which is favoring skater and surf brands. We believe Zumiez benefited from this favorable cycle during the back to school (BTS) selling season."
Shares of Zumiez, Inc. closed at $18.27 yesterday.
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