Natural Grocers (NGVC) PT Trimmed to $14 at Jefferies
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Jefferies analyst Christopher Mandeville trimmed his price target on Natural Grocers (NYSE: NGVC) to $14.00 (from $15.00) but maintained a Buy rating following Q4 results that missed although guidance looks 'manageable'.
Mandeville commented, "4Q16 EBITDA/EPS was modestly weak on better comps but elevated expenses. F17 guidance appears prudent (bracketed cons.) and we applaud mgmt.'s decision to scale back unit growth given a difficult op. environment. Though QTD trends have gotten off on the wrong foot, we are hopeful that improved mkting efforts and easier compares should allow comps to accel thru F17. At just 5.7x EV/EBITDA, we remain advocates for this small cap value play with a 10% EBITDA CAGR."
The firm trimmed FY 2016 EPS from $0.57 to $0.52.
Shares of Natural Grocers closed at $11.64 yesterday.
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