Piper Jaffray Maintains OW Rating On ZUMZ

Piper Jaffray maintains its Overweight rating on shares of Zumiez, Inc. (NASDAQ: ZUMZ) “following a day spent traveling with management.”

“We continue to believe the company is getting better in all areas of operations - from improving store productivity, buying key vendors, assorting product to the right stores, to investing in technology and people,” Piper Jaffray writes.

“As such, we reaffirm mid-teens sales and +20% EPS growth over the next two years and note every 100bps of comp above our current model for the full year is approximately $.03/shr. Given the strength of the current business and clear differentiation in the mall, we believe our estimates may prove conservative.”

Zumiez closed Wednesday at $29.06.