UPDATE: Bank of America Maintains Zumiez at Buy Despite Weak November Comps
Bank of America reiterated its Buy rating and $31 price objective on Zumiez (NASDAQ: ZUMZ) as the company sets a lower bar for Q4 with Q3 results and guidance.
Bank of America said "Weak November comps were largely a result of the negative impacts of Hurricane Sandy, a poor start to the snow season and choppy trends in men's footwear. Excluding these factors, which we do not view as long term issues, we continue to view Zumiez as a strong growth story. With the stock now trading at 14x our F2013 EPS estimates (in line with more saturated, mature retailers), we think the long term risk/reward is favorable and maintain our Buy rating."
Zumiez closed at $20.75 on Thursday.
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