UPDATE: Wedbush Securities Reiterates Neutral Rating, Lowers PT on Zumiez

In a report published Friday, Wedbush Securities reiterated its Neutral rating on Zumiez

, but lowered its price target from $34.00 to $30.00. Wedbush noted, “While we continue to believe ZUMZ benefits from its differentiated, hard-to-find assortments that continue to deliver solid top-line growth, evident by strong AUR gains and strong August week-4 sales, we note increased competition from other specialty retailers in similar pricing messages and mimicking their brand strategies. In addition, it could be difficult for management to drum up transactions as a comp driver given continued erratic mall traffic trends in recent years. Thus, while we are impressed by ZUMZ's growth potential (North America and in Europe via Blue Tomato) and sales momentum, we prefer to see evidence of sales restoration before becoming more constructive with our stock view.” Zumiez closed on Thursday at $32.22.