Piper Jaffray Raises Price Target on Zumiez (ZUMZ)

Piper Jaffray is out with a research report this morning, where it reiterates its Neutral rating on Zumiez ZUMZ; it has a $28.00 price target on the stock, up from $27.00. The PJ analysts said that, ZUMZ's Black Friday promotions were essentially on-par with the rest of the industry, though they did notice higher AURs for certain merchandise classifications—sale shoes starting at $39.99 versus a year-ago $29.99 and snowboard packs opening at $349 versus last year's $299. The analysts also believe that the cold weather positively affected sales in Q3. As for valuation, the analysts remarked, “We are changing our EPS estimates as follows: FQ3 from $0.36 to $0.37; FY11 from $0.75 to $0.79; and FY12 from $0.91 to $0.94. As such, our PT moves to $28 based on 30x FY12E EPS of $0.94.”