Piper Jaffray Downgrades Jamba (JMBA) to Neutral
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Piper Jaffray downgrades Jamba (NASDAQ: JMBA) from Buy to Neutral and lowers their price target from $4 to $2.
The firm said, "Given our negative outlook for comps combined with a lack of visibility into earnings profitability, we are downgrading JMBA shares to Neutral from Buy prior. However we note that should the macro/regional environment improve, G&A cuts prove meaningful and the launch of the RTD product accelerate successfully, our estimates may prove conservative. Given difficult regional macro trends in the company's home-base CA market in addition to weather considerations, we are lowering our system wide second-quarter same-store sales projection to (3.0%) versus 1.0% prior."
The firm lowers their FY08 systemwide same-store sales estimate from (1.8%) to (3.1%), which is below the (2.0%)-2.0% annual guided range. As a result, the firm increases their projected FY08 operating loss from ($0.21) to ($0.23) per share.
Jamba Inc. owns and operates branded stores with a focus on providing functional energy beverage and food alternatives.
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