Stifel Raises Price target on Zumiez, Inc. (ZUMZ) following 2Q Report
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Stifel reiterated a Hold rating on Zumiez, Inc. (NASDAQ: ZUMZ), and raised the price target to $17.00 (from $16.00), following the company's 2Q earnings report. The company established its 3Q EPS guidance in the range of $0.21-$0.26, below our previous estimate of $0.30 and consensus of $0.31. Comps are anticipated to be in the range of (2)% to flat.
Analyst Richard Jaffe commented, "Zumiez reported 2Q EPS of $(0.03), above our estimate and consensus of $(0.08), versus adjusted EPS of $0.12 LY. Adjusted EPS LY excludes $0.01 per share related to Blue Tomato. Comp sales decreased 4.9% due to soft traffic and lack of fashion trends that resonated with the ZUMZ customer. Management indicated that 3Q is off to a good start, evident in the positive comp quarter to date."
Shares of Zumiez, Inc. closed at $16.61 yesterday.
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