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UPDATE: Piper Jaffray Downgrades Zumiez to Underweight on Growth Uncertainty

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Piper Jaffray lowered its rating on Zumiez (NASDAQ: ZUMZ) from Neutral to Underweight and reduced its price target from $27 to $19.

Piper Jaffray noted, "We expect downward earnings revisions and multiple compression to result in further share price contraction. Mounting concerns surrounding sales rate deceleration, mix shift, and model deleverage were evident in October comp sales results, despite an easier comparison. The company faces nine months of difficult forward compares (avg +11%), and with underlying business trends moderating quickly, it is difficult to confidently forecast sales and earnings targets for Q4 and 2013. Growth may need to be slowed strategically in order to reduce pressure on the operating infrastructure/margin, which suggests a discount to growth multiple is warranted."

Zumiez closed at $25.32 on Wednesday.

Latest Ratings for ZUMZ

DateFirmActionFromTo
Dec 2018B. Riley FBRMaintainsBuyBuy
Oct 2018JefferiesInitiates Coverage OnBuy
Oct 2018BairdMaintainsNeutralNeutral

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Posted-In: Piper JaffrayAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

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