UPDATE: Piper Jaffray Cuts PT to $18 on Zumiez; Warm Weather Slowing Sales
Piper Jaffray reiterated its Underweight rating on Zumiez (NASDAQ: ZUMZ) and reduced its price target from $19 to $18.
Piper Jaffray noted, "We are maintaining our Underweight rating on ZUMZ shares and are lowering our estimates and price target as a result of a more conservative view of FQ4 quarter-to-date trends. We think warmer than average weather has contributed to slower than planned sales of cold weather apparel, accessories, and snowboard hardgoods. Checks into the channel indicate the company is managing inventory receipts more aggressively in order to mitigate season-end merchandise carryover."
Zumiez closed at $20.79 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.