UPDATE: D.A. Davidson & Co. Reiterates On Zumiez Following Solid June Results

In a report published Thursday, D.A. Davidson & Co. analyst Andrew Burns reiterated a Buy rating on

, and raised the price target from $35.00 to $36.00. In the report, D.A. Davidson & Co. noted, “ZUMZ's +3.1% June comp compares to consensus at +2.2% (Retail Metrics) and our flat comp expectation. The positive comp was driven by an increase in both transactions and dollars per transaction, with gains in both AUR and UPT. Sales increased 11.1% y/y to $65.3 million. QTD comps have increased 3.3%. By category, accessories, hardgoods, men's and juniors were up, while footwear and boys were down.” Zumiez closed on Wednesday at $28.00.