Jefferies Cuts Price Target on Fogo de Chao (FOGO) Following Solid 3Q

November 8, 2016 7:03 AM EST
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Price: $14.25 -1.72%

Rating Summary:
    3 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Jefferies maintained a Buy rating on Fogo de Chao (NASDAQ: FOGO), and cut the price target to $15.00 (from $18.00), following the company's 3Q earnings report. FOGO reported EPS of $0.16, ahead of the consensus estimates of $0.15. SSS of +0.6% beat the consensus of -3.5%, driven by better than expected SSS for both Brazil and the US. FOGO continues to expect 5-6 new restaurants in '16 with up to 3 domestic openings and 1 intl jv in 4Q and 5 leases signed for '17.

Analyst Andy Barish commented, "3Q EPS of $0.16 beat Jef/Cons. of $0.14/$0.15 on system SSS of +0.6% vs. Jef/ Cons. of -2.9%/-3.5% with Brazil boosted by the Olympics and seeing signs of stabilization and the US benefiting from traffic-driving initiatives. Still, -1.5% to -2.5% '16 SSS guide maintained given Hurricane Matthew and near-term caution in the US. Lowering PT to $15 fr. $18. Buy."

For an analyst ratings summary and ratings history on Fogo de Chao click here. For more ratings news on Fogo de Chao click here.

Shares of Fogo de Chao closed at $11.40 yesterday.

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