Piper Jaffray Cuts price Target on Bojangles' (BOJA) to $16 Following 2Q EPS Beat

August 9, 2016 8:31 AM EDT
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Price: $19.80 --0%

Rating Summary:
    7 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Piper Jaffray maintained a Neutral rating on Bojangles' (NASDAQ: BOJA), and cut the price target to $16.00 (from $17.00), following the company's 2Q earnings report. The company reported 2Q16 operating earnings of $0.27 vs. consensus expectations of $0.22 per share. Total revenues increased approximately 9.2% y/y to $131.6M.

Analyst Nicole Regan commented, "Bojangles' reported 2Q16 results including operating earnings and unadjusted EBITDA of $0.27 per share and $21.9M, respectively, vs. our expectations of $0.23 and $20.5M, respectively. The foundation of our Neutral rating stems from a stock perspective as we believe more upside, on a relative basis, exists elsewhere within our coverage universe. We maintain our Neutral rating on BOJA shares, albeit lowering our price target slightly to $16 per share. From a corporate perspective, we have every confidence that the company’s culture of operational excellence positions it to realize its substantial unit growth goals over time."

For an analyst ratings summary and ratings history on Bojangles' click here. For more ratings news on Bojangles' click here.

Shares of Bojangles' closed at $18.33 yesterday.

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