UPDATE: Piper Jaffray Reduces PT to $27 on Zumiez on Sales Composition Shift

Piper Jaffray reiterated its Neutral rating on Zumiez

and reduced its price target from $34 to $27. Piper Jaffray noted, "We are revisiting our valuation objective on ZUMZ shares and are lowering our price target from $34 to $27 based on 16x FY14E EPS (vs. 20x previously). Our estimates are unchanged and remain at the low end of the consensus range as our mid-month checks point to a deceleration in business trends from August, potentially at or below mid- single digit leverage thresholds. … A reduced multiple more appropriately reflects this risk going forward." Zumiez closed at $26.51 on Monday.