UPDATE: D.A. Davidson Raises Price Target On Zumiez As 4Q Guidance Moves Higher

In a report published Thursday, D.A. Davidson analyst Andrew Burns reiterated a Neutral rating on Zumiez Inc. (NASDAQ: ZUMZ), and raised the price target from $37.000 to $44.00.

In the report, D.A. Davidson noted, “Broad category strength fuels healthy December results. ZUMZ's +8.0% December comp compares to consensus at +3.9% (Retail Metrics) and our +2.7% estimate. The positive comp was driven by an increase in transactions and, to a lesser extent, dollars per transaction (higher UPT, slightly lower AUR). Sales increased 14.4% year-over-year (y/y) to $143.4 million. 4Q QTD comps are up 7.5%. By category accessories, juniors, men's, hardgoods, and footwear were up, while boys were down.”

Zumiez closed on Wednesday at $40.28.