UPDATE: Jefferies Lowers Price Target On Zumiez To $21

According to Jefferies, Zumiez ZUMZ price target is lowered to $21. Jefferies said that it expects ZUMZ to post a good 2Q with continued topline momentum and margin expansion. “Our new $21 PT (from $28) is based on 18x FY'12 P/E and 7.5x EV/EBITDA, a slight discount to historical multiples but a premium to peers.” Zumiez closed yesterday at $19.28.