Barclays Maintains an 'Equalweight' on P.F. Chang’s (PFCB); Sizing up the Issues...Only Time Will Tell
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Price: $51.47 --0%
Rating Summary:
2 Buy, 11 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
2 Buy, 11 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Equalweight' on P.F. Chang’s (NASDAQ: PFCB) price target slashes from $49 to $37.
Barclays analyst says, "PFCB has identified what they believe the issues at both brands, and detailed initiatives to address... step in the right direction. The question remains whether such will resolve the issues without damaging brand's consumer perception and financial performance. This uncertainty will likely limit near-term outperformance regardless of valuation. Specific to results, 2Q11 was disappointing from an EPS perspective, yet comps were in line, implying greater-than-expected cost pressures. 2011 guidance was reduced well beyond expectations, resetting the bar for 2H upside, especially as comps stabilized (on a two year basis). The shares are at 20x forward vs. the 12-24x three-year range and 19x average. We're lowering estimates based on near-term and long-term uncertainty." (Barclays cuts FY11 EPS estimate from $2.13 to $1.65 and FY12 from $2.55 to $1.85)
For more ratings news on P.F. Chang’s click here and for the rating history of P.F. Chang’s click here.
Shares of P.F. Chang’s closed at $34.50 yesterday.
Barclays analyst says, "PFCB has identified what they believe the issues at both brands, and detailed initiatives to address... step in the right direction. The question remains whether such will resolve the issues without damaging brand's consumer perception and financial performance. This uncertainty will likely limit near-term outperformance regardless of valuation. Specific to results, 2Q11 was disappointing from an EPS perspective, yet comps were in line, implying greater-than-expected cost pressures. 2011 guidance was reduced well beyond expectations, resetting the bar for 2H upside, especially as comps stabilized (on a two year basis). The shares are at 20x forward vs. the 12-24x three-year range and 19x average. We're lowering estimates based on near-term and long-term uncertainty." (Barclays cuts FY11 EPS estimate from $2.13 to $1.65 and FY12 from $2.55 to $1.85)
For more ratings news on P.F. Chang’s click here and for the rating history of P.F. Chang’s click here.
Shares of P.F. Chang’s closed at $34.50 yesterday.
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