Einstein Noah (BAGL) to Trade Sideways as Investors Await News on Strategic Alternatives

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Jefferies maintained a rating on Buy Einstein Noah Restaurant (NASDAQ: BAGL) and lowered its price target to $20.00 (from $21.00).

Analysts said the stock will likely trade sideways as investors await news on the previously announced plan to review strategic alternatives, referring to a possible business combo, sale of the company, or recap of the company and special dividend.

Analyst Alexander Slagle said "The most recent proposal, announced last month (recap and special dividend), appears to be what investors think is the most likely scenario."

He thinks same-store sales are on track at Einstein Noah and fundamentals are solid. He also sees upside based on valuation.

For an analyst ratings summary and ratings history on Einstein Noah Restaurant click here. For more ratings news on Einstein Noah Restaurant click here.

Shares of Einstein Noah Restaurant closed at $14.96 yesterday, with a 52 week range of $12.50-$18.58.

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