UPDATE: Piper Jaffray Lowers PT on Quiksilver to $4
In a report earlier today, Piper Jaffray remains at an Overweight rating for Quiksilver (NYSE: ZQK) and lowers its price target from $5.50 to $4.00.
Piper Jaffray notes, "Quiksilver reported FQ2 results that were slightly below published estimates, as European headwinds weighed on topline growth and margins. Adjusted EBITDA of $39M was below our $47M estimate with revenue only slightly short of our expectations but gross margin down 560bp year-over-year. While we acknowledge that Europe should remain a drag on growth and profitability this year, we believe the domestic business remains strong driven by favorable industry trends and expansion of the DC brand this fall season."
Quiksliver closed at $2.44 on Thursday.
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