Jefferies Cuts Price Target on Fogo de Chao (FOGO) Following Solid 3Q
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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."
Shares of Fogo de Chao closed at $11.40 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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