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UPDATE: Piper Jaffray Cuts PT to $18 on Zumiez; Warm Weather Slowing Sales

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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.

Latest Ratings for ZUMZ

DateFirmActionFromTo
Sep 2014Piper JaffrayDowngradesOverweightNeutral
Sep 2014SunTrust Robinson HumphreyMaintainsNeutral
Sep 2014Credit SuisseMaintainsNeutral

View More Analyst Ratings for ZUMZ
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Price Target Intraday Update Analyst Ratings

 

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