Zumiez shares fall, day after quarterly results

Zumiez

03/06/2022 19:13

** Shares of Zumiez Inc  ZUMZ.O  were down 6.6% on Fri after the
specialty retailer reported late Thurs quarterly earnings that
missed consensus expectations  urn:newsml:reuters.com:*:nGNX1RLDCb
    ** The broader market was also down Fri, with the Nasdaq off
more than 2% in afternoon trading 
    ** Jefferies analysts cut their price target on ZUMZ to $32
from $38 following the report, and noted that earnings missed
forecasts and said "FY EPS guide was underwhelming as higher
costs are anticipated to weigh on margins going forward."
    ** They added: "We maintain our Hold rating due to what we
believe is a lack of meaningful product catalysts to drive the
business ahead."
    ** The average analyst rating on the stock is a "buy," while
Wall Street's median 12-mo price target for Zumiez is $37, down
from $43 on May 3, according to Refinitiv data. The stock was
last at $31.92
    ** Zumiez shares are down about 33% YTD compared with a
roughly 23% in Nasdaq  .IXIC 

 (Reporting by Caroline Valetkevitch)
 ((caroline.valetkevitch@thomsonreuters.com))