KeyBanc Starts Kona Grill (KONA) at Buy

KeyBanc initiated coverage on Kona Grill (NASDAQ: KONA) with a Buy rating and a price target of $24.00.

Analyst Christopher O'Cull said, "We believe KONA is poised to grow annual revenue 20-25% and adjusted EBITDA 25% for an extended period through 20%+ unit expansion, modest same-restaurant sales gains, and leveraging the corporate infrastructure. Our rating is based on our opinion a premium valuation is warranted by the Company’s unit growth profile, strong unit-level performance and expectations for near-term operating momentum at comparable stores."

For an analyst ratings summary and ratings history on Kona Grill click here. For more ratings news on Kona Grill click here.

Shares of Kona Grill closed at $19.50 yesterday.

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