Piper Jaffray Overweight On Zumiez (ZUMZ)

Piper Jaffray is upping its 2012 earning estimates on shares of Zumiez ZUMZ and keeping its $22 price target and Overweight rating after the clothing company reported strong July same store sales. In the report Piper Jaffray notes, "We are updating our FY11 and FY12 ests to incorporate July comp results. ZUMZ's comp was +9.4% for the month versus a prior year (-16.8%). Comps have been positive for 8 straight months, which reflects ZUMZ's ability to adapt its merchandise, price points, and inventory management to current market conditions. We continue to maintain our Overweight rating, and are raising our FY12E EPS from $0.80 to $0.89. Our price target increases to $22/share based on a 25x multiple." Shares of Zumiez are down 39 cents to $16.97.