UPDATE: Jefferies Cuts PT to $20 on Zumiez on Slowing Trends

Jefferies reiterated its Hold rating on Zumiez

and lowered its price target from $22 to $20. Jefferies commented, "3Q results were roughly in line with the company's recently lowered guidance range. However, November SSS missed and turned negative for the first time in three years. Meanwhile, the 4Q outlook is light and calls for continued comp declines. While we think ZUMZ continues to have great market positioning and LT growth opportunities, we are cautious on these slowing trends." Zumiez closed at $20.75 on Thursday.