Piper Jaffray Raises PT On ZUMZ To $34

Piper Jaffray, citing another great quarter from the company, has raised its price target from $33 to $34 on Zumiez ZUMZ. In the report, Piper Jaffray writes, “Last night, Zumiez reported another very strong quarter with EPS $.04/share ahead of consensus driven by stronger than anticipated gross margins and robust 12.6% same store sales gains. In addition, the company guided FQ2 to $.02/share to $.04/share encompassing consensus expectations for $.04/share of earnings. Given the consistently conservative nature of the management team, we believe there is opportunity to exceed these expectations if same store sales remain strong. As such we adjusting our model slightly and remain buyers of shares as we believe the company is differentiated and taking share.” Piper Jaffray maintains an Overweight rating on the stock. ZUMZ closed yesterday at $26.29.