UPDATE: Piper Jaffray Downgrades Quiksilver to Neutral on Signs of Maturing Sector Cycle
Piper Jaffray downgraded Quiksilver, Inc. (NYSE: ZQK) from Overweight to Neutral and maintained a $4.00 price target.
Piper Jaffray commented, "We are lowering our investment rating on ZQK from Overweight to Neutral on the heels of below-plan Holiday sales reports from PacSun and Tilly's. Both PacSun at 681-stores and Tilly's at 168-stores are important retail channels to the Quiksilver family of brands. We are increasingly cautious on the action sports category as evidence exists that the lifestyle is maturing domestically and related demand is likely to moderate over the next 3-5 years."
Quiksilver closed at $5.51 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.