UPDATE: Oppenheimer Raises PT to $36 on Zumiez

Oppenheimer increases its price target on Outperform-rated Zumiez

to $36 from $32, on the heels of a very strong Q4. Oppenheimer says, "Zumiez reported F4Q11 EPS of $0.60, above our/consensus estimates of $0.58/$0.59 and most recent $0.57-0.58 guidance. Revenues rose 17.7% on +9.7% comps (vs. 13% LY) with e-commerce +60.3%. GM +50 bps, SG&A -100 bps, resulting in a 17% operating margin (+160 bps). As usual, management took the opportunity on its earnings call to provide guidance for 1Q12 ($0.06-0.08, incl. a one-time $0.01/sh charge, vs. consensus of $0.11) and as usual, we believe it will prove conservative." ZUMZ closed at $32.32 on Thursday.