UPDATE: JP Morgan Raises PT to $40 on Zumiez on Strong Comp for May

JP Morgan reiterates its Overweight rating on Zumiez

and raises its price target from $38 to $40. JP Morgan notes, "On May 30, ZUMZ posted a May comp beat of 13.7%, well above the Street at ~7% and guidance for a +MSD. Although the company did not comment on the recently issued 2Q12 pro forma guidance of $0.07-$0.09, we expect to see ongoing upward revisions throughout the quarter as ZUMZ continues to flow through sales above +MSD comps at 25-35% rates. We reiterate our recently initiated Overweight rating based on our expectations for ongoing top-line beats, a trend we expect to persist." ZUMZ closed at $34.77 on Thursday.