UPDATE: Jefferies Raises PT to $5.50 on QuikSilver

Jefferies raises its price target up 50 cents to $5.50 on Buy-rated Quiksilver

following the balanced improvement in sales. Jefferies notes, "An EPS miss is nothing but an optical distraction as fundamentals are poised to accelerate 3-6 months from now. With healthy and balanced sales growth (this is a top-line story), ZQK is in our view one of the best performing and highest quality action sports companies out there. Continue to like the name on 1) refocused management team, 2) liquid balance sheet, 3) strong brand portfolio, 4) sales and margin catalysts." ZQK closed at $4.60 a share on Thursday.