Wedbush Raises And Price Target On Zumiez

According to Wedbush, Zumiez ZUMZ estimates and price target are raised. Wedbush said that, as ZUMZ continues to drive strong conversion across its product mix, combined with a later Easter TY (April week 3 vs. March week 5 LY), it looks for April same-store sales of +14-16% vs. +2.1% LY. “Our checks suggest encouraging selling trends in April following healthy February and March sales results, driven by strength in men's, shoes, and accessories. We believe the company's unique brand mix could allow ZUMZ to weather rising input costs better than other retailers and that shoppers continue to embrace the stores' attractive merchandise blend, which should enable them to report AUR gains and lap tough sales results throughout 2011. With our anticipation for solid April sales to wrap up Q1 (which could imply additional upside to F11 forecasts) and the potential for management to raise Q1 guidance, we believe the stock should maintain a premium multiple.” Zumiez closed yesterday at $28.11.