What Made Pivotal Research Upgrade Zumiez Inc’s Stock?


Zumiez Inc (NASDAQ: ZUMZ) received a Buy rating and a $36 price target from Pivotal Research analyst Mitch Kummetz today. The company’s shares closed on Friday at $31.15, close to its 52-week high of $31.80.

Kummetz noted:

“We’re upgrading ZUMZ from HOLD to BUY and raising our PT from $30 to $36. Upon initiating coverage on August 13 th , we were waiting for a better opportunity to be more constructive on these shares. We believe this is that opportunity. We initiated on ZUMZ shortly after the company reported its July comp and raised its 2Q guidance, with the shares having run up significantly on this news. Since then, some of ZUMZ’ competitors have reported 2Q and, more importantly, announced strong August performance, and these stocks have reacted accordingly, while ZUMZ’ shares have lagged. The takeaway here is that there’s now good reason to be more bullish on ZUMZ’ 3Q, and we don’t believe this is currently in the stock; hence our upgrade.”

According to TipRanks.com, Kummetz is a 3-star analyst with an average return of 3.2% and a 58.3% success rate. Kummetz covers the Services sector, focusing on stocks such as Foot Locker Inc, Shoe Carnival, and Genesco Inc.

Currently, the analyst consensus on Zumiez Inc is a Moderate Buy with an average price target of $30.75.

See today’s analyst top recommended stocks >>

The company has a one-year high of $31.80 and a one-year low of $12.45. Currently, Zumiez Inc has an average volume of 560.1K.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Zumiez, Inc. is a multi-channel retailer of apparel, footwear, accessories and hardgoods rooted in youth culture as expressed through music, art, fashion and action sports lifestyle for young men and women. The company’s stores cater to young men and women between the ages of 12 and 24 of popular brands such as action sport lifestyle centered on activities that include skateboarding, surfing, snowboarding, bicycle motocross, and motocross. Its apparels includes tops, bottoms, outerwear and accessories such as caps, bags and backpacks, belts, jewelry and sunglasses, footwear consists of action sports related athletic shoes and sandals, equipment offerings, or hardgoods include skateboards, snowboards and ancillary gear such as boots and bindings. The company also offer a selection of other items, such as novelties. Zumiez was founded by Thomas D. Campion in August 1978 and is headquartered in Lynnwood, WA.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts