Jamba (JMBA) Announced Intentions to Close Underperforming Locations; Wedbush Cuts Price Target to $16

Wedbush maintained an Outperform rating on Jamba (NASDAQ: JMBA), and cut the price target to $16.00 (from $17.00), following the company's announcement that it intends to close its underperforming company-owned stores in Illinois and New York locations, ~30 stores in total.

Analyst Phil Terpolilli commented, "JMBA’s closure of cash-burn NY, Midwest stores a positive. Friday after market close Jamba announced intent to close its underperforming companyowned stores in Illinois and New York locations, ~30 stores in total. As a reminder, the company had purchased the Midwest locations in 3Q14 from an underperforming franchisee. In our opinion, Jamba’s closure of these stores allows the company to focus on working with new and old franchisees as well as its only existing, highly-profitable California stores."

For an analyst ratings summary and ratings history on Jamba click here. For more ratings news on Jamba click here.

Shares of Jamba closed at $13.37 yesterday.

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