UPDATE: Bank of America Raises PT on Zumiez on Adjusted 4Q EPS

In a report published Friday, Bank of America analyst Paul Alexander reiterated an Underperform rating on Zumiez ZUMZ, and raised the price target from $19.00 to $21.00. In the report, Alexander noted, “Zumiez reported adjusted 4Q EPS of $0.75, $0.01 ahead of our estimate and management's recently updated guidance. The beat was driven by better than expected tax rate. Management laid out a more rapid store growth plan for 2013 than expected, which includes Zumiez stores in North America and Canada and Blue Tomato stores in Europe. Despite the new growth plan, we remain concerned about ongoing negative comps, increasing competition, and the strength of the action-sports consumer.” Zumiez closed on Thursday at $24.22.