UPDATE: Imperial Capital Reiterates In-Line Rating, Lowers PT on Zumiez

In a report published Wednesday, Imperial Capital reiterated its In-Line rating on Zumiez

, but lowered its price target from $41.00 to $33.00. Imperial Capital noted, “Our new price target is derived by applying a 19x multiple to our new 2013 EPS estimate of $1.75, a discount to its two-year historical average forward multiple of 23x, and consistent with its current 2012 P/E multiple. We continue to believe ZUMZ deserves to trade at a premium multiple to the comparable group average of 14x given its long-term organic square footage growth potential and above average earnings growth. However, difficult comparisons and a slower growth rate relative to the past few years could limit significant multiple expansion.” Zumiez closed on Tuesday at $27.96.