Piper Jaffray Reiterates Overweight, $5 PT on Quicksilver

Piper Jaffray maintains its Overweight rating and $5 Target on Quicksilver

following strong FQ4 results. Piper Jaffray says, “FQ4 EBITDA of $57M exceeded our estimate of $55M: Adjusted EBITDA of $57M beat our estimate of $55M while reported EPS of $0.06 was ahead of our $0.01 estimate. Gross margin declined 160bps y/y and was in-line with our expectations. SG&A levered by 40bps as leverage in Europe more than offset incremental spending in the U.S. to support the Quiksilver Pro New York.” ZQK closed at $3.07 per share on Friday.