Zoe's Kitchen (ZOES): Cutting PT On Weaker Comps - Piper Jaffray

August 23, 2016 7:23 AM EDT
Get Alerts ZOES Hot Sheet
Price: $21.90 --0%

Rating Summary:
    4 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Piper Jaffray analyst, Nicole Miller Regan, reiterated her Neutral rating on shares of Zoe's Kitchen (NYSE: ZOES) after the company reported 2Q16 EPS results that were in-line with the Street.

Comps of +4.0% were below Street expectations of +5.3%, and reflected price of 3.1% and transaction/mix of 0.9% (with mix in the +LSD range). Although trends for 3Q16 were not quantified, the company did trim its FY16 same-store sales outlook to +4.0%-+5.0% (from +4.5%-+6.0% previously).

The analyst is cutting her PT from $35 as the PT multiple rolls forward to FY17. The new new $31 target is based on 25x FY17E EV/EBITDA (EBITDA of $25M, net debt of ~$14M, and shares outstanding of 19.6M).

For an analyst ratings summary and ratings history on Zoe's Kitchen click here. For more ratings news on Zoe's Kitchen click here.

Shares of Zoe's Kitchen closed at $37.25 yesterday.

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Piper Jaffray, Nicole Miller Regan

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