Piper Jaffray Downgrades McCormick & Schmick's (MSSR) to Neutral
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Piper Jaffray & Co. downgrades McCormick & Schmick's (Nasdaq: MSSR) from Buy to Neutral. Price target lowered from $7 to $5.
Piper analyst says, "For the 4Q08 period, we remain most concerned with overall same-store sales results, in addition to the influence of other Holiday trends, such as presumably lower banquet/catering sales and conflicting factors related to the gift card redemption cycle. Generally, what we had previously modeled as flat FY09 industry earnings expectations (relative to the prior-year period) is at risk as final FY08 results are articulated. Accordingly, we are lowering the bar across the board. Most at risk are those companies that experience a meaningful swing relative to same-store sales changes; see our industry note dated today that makes mention of these details as well as our other coinciding estimate revisions and downgrades."
McCormick & Schmick’s Seafood Restaurants, Inc. is a national seafood restaurant operator.
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