Piper Jaffray Raises Estimates for Quiksilver
Quiksilver (ZQK ) reported second-quarter earnings per share of 47 cents, and raised its third-quarter and fourth-quarter guidance. Piper Jaffray raised its estimates and price target.
Analyst Jeffrey Klinefelter says the company said it would discontinue providing bookings guidance in favor of total revenue guidance, as it feels bookings were impacted by confluence of factors and aren't the best predictor of future revenue and EPS. He notes that Quiksilver stated fall bookings were up 20% and expects revenues to increase by 19% to 20% in the third quarter and 17% to 19% in the fourth quarter.
Klinefelter raised his third-quarter and fourth-quarter EPS estimates by a penny, to 29 cents and 37 cents, respectively. He also raised his $1.26 fiscal year 2004 (ending October) EPS estimate to $1.29, and $1.50 fiscal 2005 to $1.55; and price target to $31, which is based on a multiple of 20 times his fiscal year 2005 EPS estimates. He kept an outperform rating on the stock.