Oppenheimer Reiterates Outperform on Zumiez (ZUMZ)

Oppenheimer is out with its report today on Zumiez ZUMZ, reiterating Outperform. In a note to clients, Oppenheimer writes, "Trevor Lang, CFO, CAO and Secretary, has resigned effective June 1, 2011, following four years with ZUMZ. Mr. Lang will be returning to Atlanta, where he built extensive personal ties during his four-year tenure with Carter's. We believe the move is not reflective of business trends but rather a choice on where to raise his family. A search for Mr. Lang's replacement is under way. Given his extensive responsibilities and that ZUMZ is in the early stages of growth, we expect more than one person may be brought in (CFO and COO). While saddened by the news, we believe the company is well positioned in terms of bench strength and planned store openings. Reiterate Outperform rating and $35 price target." Shares of ZUMZ closed Tuesday at $29.01, up 1.12% from Monday's close.