Piper Jaffray Reiterates Overweight on Zumiez

Piper Jaffray is out with its report today on Zumiez ZUMZ, reiterating Overweight. In its report, Piper Jaffray writes, "We reiterate our Overweight rating on shares of ZUMZ as we head into its Q2 earnings report slated for 8/31, after the market close. As it relates to Q2, we are looking for EPS of $0.05--above the $0.02-$0.04 guidance range (as of 5/19) given the stronger-than-plan Q2 comp (7.5% vs. +MSD guidance). We believe our LT thesis remains intact. In addition, we believe that ZUMZ will benefit over time from PSUN's PSUN door closures and estimate that the incremental EPS impact could be $0.15/share over the next few years." Piper Jaffray maintains a $34 PT on ZUMZ. Shares of ZUMZ closed Monday at $19.50, up 4.61% from Friday's close.