UPDATE: DA Davidson Reiterates Neutral, $43 PT on Zumiez; June Comps Outperform Retail Sector
D.A. Davidson reiterated its Neutral rating and $43 price target on Zumiez (NASDAQ: ZUMZ) on the company's June comps improvement amid choppy performances in the retail sector.
In the report, D.A. Davidson stated, "Zumiez relative outperformance continued in June, although the first single digit comp of FY12 may foreshadow comp deceleration. Broad based strength across categories, fueled by a differentiated brand mix, drove another month of market shares gains for Zumiez in June. With this momentum, Zumiez is well positioned to outperform its competitors once again in the upcoming back-to-school selling season. While June is a light sales volume month and historically volatile, we note that this was the first single digit comp since November 2011."
Shares of Zumiez were trading at $39.17 at the time of posting, down 2.54% from Tuesday's market close.
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