Piper Jaffray raised its target price for Zumiez from $46 to $48. According to Piper Jaffray, the company’s September sale is an indication of good operations and strong demand. The company’s same-store sales increased by 13.9% in September; analysts were expecting only a 6.6% growth.
Piper Jaffray downgraded the stock from ‘outperform’ to ‘market perform’, saying that the stock is fairly valued. This is in spite of the rise in net income of 94 percent in Q2. As a result, the stock price declined during the early hours of trading.