Piper Jaffray Cuts Price Target on Noodles & Company (NDLS) to $6; Reiterates Underweight
- Apple (AAPL) Tops Q4 EPS by 2c; Issues Solid Outlook
- Wall St. slips on earnings; Apple results due
- Chipotle Mexican Grill (CMG) Posts Q3 EPS of $0.27; Comps Miss Views; Additional Stock Buyback Approved
- Pandora (P) Misses Q3 EPS by 1c, Q4 Revenue Guidance Falls Short
- Panera Bread (PNRA) Tops Q3 EPS by 3c; Raises Outlook
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Piper Jaffray maintained an Underweight rating on Noodles & Company (NASDAQ: NDLS), and cut the price target to $6.00 (from $7.00), following the company's 2Q earnings report. EPS was reported at ($0.03), which was a touch better than expectations. Total revenues increased approximately 5.4% y/y, to $121.4M.
Analyst Nicole Regan commented, "Noodles & Company delivered operating EPS of ($0.03), which was a touch better than our expectations driven in part by system-wide SSS of (1.0%), which were previously pre-announced. Although not explicitly quantified we understand SSS trends in 3Q are likely to be in the (1.5%) to (2.0) range. This sequentially lower trend is driven by the overall competitive environment, challenged operations and tough YoY comparisons. The company also lowered guidance for FY16 while announcing plans to slow new unit growth to 10-15 new company units in FY17. That said, we maintain our Underweight rating and our price target ticks down to $6 based on our maintained ~8x multiple on our now lower FY17E EV/EBITDA."
Shares of Noodles & Co. closed at $7.25 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Needham & Company Raises Price Target on II-VI, Inc. (IIVI) Following 1Q Beat
- Needham & Company Cuts Price Target on Electronics for Imaging (EFII) Following Solid 3Q
- Baxter (BAX) PT, Estimates Raised at Evercore ISI
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!