UPDATE: Jefferies Cuts PT to $20 on Zumiez on Slowing Trends
Jefferies reiterated its Hold rating on Zumiez (NASDAQ: ZUMZ) 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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.