DA Davidson analyst John Morris lowered his price target on Zumiez to $20, saying that while the company topped Q3 earnings consensus, the beat was attributable to a lower tax rate. The analyst further cites Zumiez's Q4 outlook coming below consensus, even as he notes the management's history of providing conservative outlook at a time of uncertain and promotional holiday retail environment. Morris believes that Zumiez is "benefiting from a '90s-like fashion trend" suitable for its product line-up, but also remains cautious with a maintained Neutral rating until he sees "more conviction" in its long-term earnings power.