Jefferies Cuts Price Target on Bojangles' (BOJA) to $21; Reiterates Buy
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Jefferies maintained a Buy rating on Bojangles' (NASDAQ: BOJA), and cut the price target to $21.00 (from $22.00), following the company's 2Q earnings report. Rest level margins were better than expected in 2Q and provided upside on lower food costs.
Analyst Andy Barish commented, "Strong rest level margins led to another EPS upside surprise at BOJA, with yo-y gains of 17% at $0.27, above our/cons of $0.22. BOJA kept systemwide sss positive (barely at 0.2%) but clearly discounting/promo environment is not easy. '16 guide trimmed in some areas as 2H expected to be tough and labor investment being put in place to continue to differentiate brand. We like 8% unit growth and reasonable valuation and reiterate our Buy,, esp. on weakness."
Shares of Bojangles' closed at $18.33 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
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