RBC Capital Cuts Price Target on Noodles & Company (NDLS) on New 216 Outlook

August 5, 2016 7:56 AM EDT
Get Alerts NDLS Hot Sheet
Price: $4.05 --0%

Rating Summary:
    2 Buy, 10 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 17 | New: 10
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RBC Capital maintained a Sector Perform rating on Noodles & Co. (NASDAQ: NDLS), and cut the price target to $8.00 (from $13.00), following the company's 2Q earnings report. NDLS lowered 2016 and 2017 EPS estimates from +$0.04 and +$0.11 to ($0.04) and ($0.05), respectively. The cut is based on an outlook for negative SSS growth in the second half of 2016.

Analyst David Palmer commented, "We are lowering our price target and estimates based on our outlook for depressed earnings through 2017. Although near-term sales trends are still softening and the company is slowing unit growth, we believe the company is taking the right approach to stabilize sales and improve store operations."

For an analyst ratings summary and ratings history on Noodles & Co. click here. For more ratings news on Noodles & Co. click here.

Shares of Noodles & Co. closed at $7.25 yesterday.

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