Piper Jaffray Downgrades Famous Dave's (DAVE) to Neutral
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Piper Jaffray downgrades Famous Dave's of America (Nasdaq: DAVE) from Buy to Neutral and lowers its price target from $22 to $15.
The firm said it believes Famous Dave's is capable of "accelerated development as well as the potential for margin improvement", but sees the resignation of its CEO, David Goronkin, as a negative during this transition period.
Famous Dave's of America, Inc. engages in the development, ownership, operation, and franchising of restaurants under the name of Famous Dave's in the United States.
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