Zoe's Kitchen (ZOES): Cutting PT On Weaker Comps - Piper Jaffray
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Piper Jaffray analyst, Nicole Miller Regan, reiterated her Neutral rating on shares of Zoe's Kitchen (NYSE: ZOES) after the company reported 2Q16 EPS results that were in-line with the Street.
Comps of +4.0% were below Street expectations of +5.3%, and reflected price of 3.1% and transaction/mix of 0.9% (with mix in the +LSD range). Although trends for 3Q16 were not quantified, the company did trim its FY16 same-store sales outlook to +4.0%-+5.0% (from +4.5%-+6.0% previously).
The analyst is cutting her PT from $35 as the PT multiple rolls forward to FY17. The new new $31 target is based on 25x FY17E EV/EBITDA (EBITDA of $25M, net debt of ~$14M, and shares outstanding of 19.6M).
Shares of Zoe's Kitchen closed at $37.25 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Nicole Miller Regan
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