RBC Capital Cuts Price Target on Noodles & Company (NDLS) on New 216 Outlook
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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."
Shares of Noodles & Co. closed at $7.25 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesRBC Capital, Earnings
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