UPDATE: Wedbush Lowers PT On Zumiez To $21

Wedbush Securities has published a research report on Zumiez ZUMZ in anticipation of the company's reporting of August comps, which are expected to be consistent with consensus estimates. In the report, Wedbush writes, "With modest traffic and conversion trends driven by promotions on key men and junior's categories, including BOGO deals on hoodies and denim, we believe the business momentum was similar to July's run rate. While we continue to believe ZUMZ's unique product assortment may hold pricing power better than its retail peers (5 months of AUR gains), we are weary of tougher compares in H2, particularly in the competitive teen retail environment." Wedbush maintains its Neutral rating but has lowered the price target from $25 to $21. Zumiez closed Friday at $18.64.