KeyBanc Downgrades California Pizza Kitchen (CPKI) to Hold
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KeyBanc downgrades California Pizza Kitchen, Inc. (NASDAQ: CPKI) from Buy to Hold.
KeyBanc analyst says, "We continue to believe that CPKI is one of the more attractive and differentiated brands in casual dining and remain confident in management's ability to emerge from this difficult operating environment intact. However, we anticipate that the five major events that occurred in 3Q08 in conjunction with growing uncertainty about the operating environment as a whole in the coming quarters will limit SSS and EPS growth for CPKI vs. our previous expectations. Given reduced confidence in CPKI's ability to beat estimates and a lack of near-term catalysts, we are lowering our rating for shares of CPKI from BUY to HOLD."
California Pizza Kitchen, Inc. is a casual dining restaurant chain with a particular focus on the premium pizza segment.
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