Zumiez (ZUMZ) (ARUN) (BAC) (ZQK) (BEBE) (CYBX) Price Targets Changed

Zumiez (NASDAQ: ZUMZ), Aruba Networks, Inc. (NASDAQ: ARUN), Bank of America (NYSE: BAC), Quiksilver, Inc. (NYSE: ZQK), Bebe stores (NASDAQ: BEBE) and Cyberonics (NASDAQ: CYBX) price targets adjusted by analysts.

Zumiez (ZUMZ) had its price target lowered by Wedbush to $21.00.

Aruba Networks, Inc. (ARUN) had its price target lowered by Morgan Keegan to $30.00.

Bank of America (BAC) had its price target lowered by Sterne Agee to $9.00.

Quiksilver, Inc. (ZQK) had its price target lowered by Jefferies (NYSE:JEF) to $4.50.

Bebe stores (BEBE) had its price target lowered by Wedbush to $8.00.

Cyberonics (CYBX) had its price target lowered by Piper Jaffray (NYSE:PJC) to $34.00.

Quiksilver (ZQK) (ABC) (BBBY) (ABMD) (OAS) (AH) Upgraded

Quiksilver, Inc. (NYSE: ZQK), AmerisourceBergen Corp. (NYSE: ABC), Bed Bath & Beyond Inc. (NASDAQ: BBBY), Abiomed (NASDAQ: ABMD), Oasis Petroleum Inc. (NYSE: OAS) and Accretive Health, Inc. (NYSE: AH) upgraded by analysts.

Quiksilver, Inc. (ZQK) was upgraded by FBR Capital from an “Underperform” rating to a “Market Perform” rating. They have a price target of $4.00 on the company.

AmerisourceBergen Corp. (ABC) was upgraded by Stifel Nicolaus from a “Hold” rating to a “Buy” rating. They have a price target of $49.00 on the company.

Bed Bath & Beyond Inc. (BBBY) was upgraded by Cowen from a “Neutral” rating to an “Outperform” rating.

Abiomed (ABMD) was upgraded by Rodman & Renshaw from an “Underperform” rating to a “Market Perform” rating.

Oasis Petroleum Inc. (OAS) was upgraded by UBS AG (NYSE:UBS) from a “Neutral” rating to a “Buy” rating. They have a price target of $4.95 on the company, down from $33.00.

Accretive Health, Inc. (AH) was upgraded by BB&T (NYSE:BBT) from a “Hold” rating to a “Buy” rating.

Hanesbrands (NYSE:HBI), Nike (NYSE:NKE), Under Armour (NYSE:UA) Have Low Cotton Exposure

Based upon their fairly low exposure to cotton, Hanesbrands (NYSE:HBI), Nike (NYSE:NKE) and Under Armour (NYSE:UA) are strongly positioned to be able to raise prices and defend margins in response to inflationary pressures.

On the other hand, Volcom (Nasdaq:VLCM), Quiksilver (NYSE:ZQK) and Gildan (NYSE:GIL) are the most exposed to cotton, and will struggle to maintain margins and earnings going forward.

FBR said, "We believe companies with relatively low cotton exposure and the ability to raise prices to offset inflationary pressures will outperform peers in FY11. We believe Hanesbrands (Outperform), Nike (Outperform), and Under Armour (Market Perform) are the best positioned within our coverage universe given Nike’s and Under Armour’s relatively low cotton exposure and Hanesbrands’ strong execution in locking in cotton costs at favorable levels and effectiveness at raising prices.

"We believe Volcom (Underperform), Quiksilver (Underperform), and Gildan (Underperform) are the worst positioned among our covered companies given relatively high cotton exposure and challenges to raising prices to offset product cost inflation."

Hanesbrands closed Wednesday at $25.37, down $0.09, or 0.35 percent. Nike closed at $88.58, down $0.70, or 0.79 percent. Under Armour ended the trading day at $54.78, down $1.97, or 3.47 percent. Volcom closed at $18.74, down $0.25, or 1.32 percent.
Quiksilver closed down at $5.16, losing $0.17, or 3.19 percent. Gildan closed at $29.37, down $0.44, or 1.48 percent.

Quiksilver (NYSE:ZQK) Should Exceed Quarterly Expectations

Retailer Quiksilver (NYSE:ZQK) believes revenue and earnings should easily exceed expectations in their next quarterly report, although guidance is uncertain because of the ongoing recession.

Canaccord said, "The surf-themed retailer is riding a wave of improving top and bottom lines, despite weakness in its biggest coastal markets (California, Florida and Hawaii). Quiksilver announced yesterday it anticipates revenue of $492-497 million for the period ended October 31; that’s above the $462.8 million that
analysts had expected. It reaffirmed an earlier forecast that its earnings per share will be in the mid-single digits, when analysts had expected earnings of only $0.06 per share. In spite of this good pre-release, the company reiterated that visibility into fiscal 2011 revenues and earnings remains limited due to global economic
conditions. Full results are due on December 16.

"Separately, Quicksilver announced a private offering of 200 million euros ($263.6 million) in senior notes due 2017. The retailer said that proceeds from the notes offered by European subsidiary Boardriders SA will be used to refinance existing European term loans and for related fees and expenses. Quiksilver anticipates about $13 million in charges related to the refinancing during its next quarter."

Quiksilver closed Tuesday at $4.30, dropping by $0.01, or 0.23 percent.