KeyBanc Upgrades Cheesecake Factory (CAKE); Raises Estimates on BJRI, RRGB & PFCB
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KeyBanc upgrades Cheesecake Factory (Nasdaq: CAKE) from Hold to Buy. Price target $17.
KeyBanc raising price target for Red Robin (Nasdaq: RRGB) to $27 from $22.
Key analyst says, "Given the recent "upside surprise" trend we have seen surrounding quarterly announcements and pre-releases for restaurant companies, we decided to re-evaluate the estimates for all of the companies in the KeyBanc Capital Markets restaurant coverage universe. We believe that the tailwind of lower commodity costs combined with reduced development costs, a renewed focus on cost controls by most management teams and the reduced drag of inefficient, new restaurants on unit-level margins will lead to other companies to beat EPS estimates in spite of potentially lower-than-anticipated same-store sales (SSS) at many of those same companies in calendar 1Q09 and beyond."
"Additionally, we have taken notice of the significant uptick in mortgage refinance applications following the recent interest rate decline to the lowest level seen in decades and view that as a potential catalyst for much of the industry in 2H09."
Buy rated BJ's Restaurants, Inc. (NASDAQ: BJRI): "We have raised our 2009 EPS estimate to $0.53 from $0.50 and our 1Q09 estimate to $0.12 from $0.11. We have also initiated a 2010 estimate of $0.63."
Buy rated Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB): "We have increased our EPS estimate for 2009 to $1.64 from $1.60 while maintaining our 1Q09 estimate of $0.19 (which includes $0.19
in non-cash charges related to the accelerated vesting of stock option expenses from the recent option tender offer). For 2010, we initiated an EPS estimate of $1.98.
Hold rated P.F. Chang's China Bistro, Inc. (NASDAQ: PFCB): "We have raised our 2009 and 1Q09 estimates to $1.27 from $1.15 and to $0.35 from $0.32, respectively."
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