Wedbush Raises Price Target on Quiksilver (ZQK) to $11

Wedbush Morgan raises its price target on Quiksilver (NYSE: ZQK) from $9 to $11 and maintains a Hold rating. With shares of Quiksilver trading around $9.67 today, the firm's price target represents a potential gain of about 13%.

The firm notes that while revenue growth is slowing, EPS gains could be driven by the fact that Quiksilver has reduced debt and expanded margins. At the same time, Wedbush expects growth to be slightly lower than previously expected.

Wedbush raised its FY08 EPS estimate from $0.58 to $0.89 and its FY09 estimate from $0.85 to $1.00. The Street estimates are currently $0.57 for FY08 and $0.83 for FY09.

Quiksilver, Inc. designs, produces, and distributes apparel, winter sports equipment, footwear, accessories, and related products.

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