Goldman Sachs Upgrades Quiksilver (ZQK) to Buy on New CEO Mooney

Goldman Sachs upgraded Quiksilver (NYSE: ZQK) from Neutral to Buy with a price target of $6.50 (from $4.00) following the appointment of Mr. Andy Mooney as CEO.

The firm comments, "Mr. Mooney spent most of the 2000’s running Disney's consumer products business where he restored retail. Prior to Disney, he was the head of marketing at Nike during the 90's "Just Do It" campaign. We believe his combination of product knowledge and operational expertise offers a unique skill set for ZQK. This event increases our confidence in ZQK’s ability to execute a multi-year turnaround. We raise our FY13-FY15 EPS estimates to reflect our expectations for an operational recovery."

For an analyst ratings summary and ratings history on Quiksilver click here. For more ratings news on Quiksilver click here.

Shares of Quiksilver closed at $4.53 yesterday.

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