Piper Jaffray Raises PT to $29 on Zumiez

Piper Jaffray increases its price target $2 to $29 on Neutral-rated Zumiez (NASDAQ: ZUMZ) following in-line guidance into the company's Q1.

Piper Jaffray says, "While Q4 EPS was modestly better than anticipated, Q1 EPS adjusted guidance was inline with expectations at $0.07-$0.09 (excluding $0.01 onetime charge). We are raising our FY13 from $1.37 to $1.44, with $1.44 reflecting 20% y/y growth. Separately, we are initiating our FY14 EPS estimate of $1.66--reflective of a 15% y/y growth rate. While we believe ZUMZ continues to represent squarefootage growth prospects at a rate in the +HSD/LDD range, and we acknowledge the company has been able to navigate through a highly promotional mall environment we believe this is reflected in the shares at current levels."

ZUMZ closed at $32.32 a share on Thursday.

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