UPDATE: Jefferies Downgrades Zumiez, Inc. (ZUMZ) to Hold
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Jefferies analyst Janine Stichter downgraded Zumiez, Inc. (NASDAQ: ZUMZ) from Buy to Hold with a price target of $42.00 (from $52.00).
The analyst comments "We downgrade ZUMZ to Hold from Buy as we expect top-line and margin trends to lag peers near-term, keeping valuation constrained. We appear to be on the backside of the skate boom, which has driven significant growth in hardgoods, and lack a clear catalyst in apparel/footwear as an offset. The co.'s exceptional management pre-COVID leaves less low-hanging fruit for underlying margin improvement via self-help initiatives go forward. Move to Hold, $42 target."
Shares of Zumiez, Inc. closed at $40.90 yesterday.
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