Noodles & Co. (NDLS) PT Lowered to $12 at SunTrust

SunTrust analyst Jake Bartlett lowered the price target on Noodles & Co. (NASDAQ: NDLS) to $12.00 (from $13.00) while maintaining a Buy rating.

The analyst commented, "3Q19 results missed with SSS of +2.2% (vs. our +5.1% est. and cons. of +4.3%) and adj. EBITDA of $11.0M (vs. our $12.5M est. and cons. of $12.0M). Weaker than expected SSS were at least in part due to break in marketing, driven by the delayed launch of NDLS' new rewards program and digital platform. We are taking our SSS expectations down a notch, but continue to expect relative strength (rewards, digital, menu innovation and catering). Starting in '20, NDLS should also begin benefiting from a major operating efficiency program, which may last 2-3 years. Lowering est. and PT to $12, from $13."

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