Benchmark Cuts Price Target on The Pantry (PTRY), Poor Q3 Results and Q4 Outlook
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Price: $36.74 --0%
Rating Summary:
2 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
2 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Benchmark is reaffirming its Buy rating on shares of The Pantry (NASDAQ: PTRY), but is cutting its price target from $24.50 to $20.
The company reported poor Q3 results with EPS of $0.93, $0.29 below that the Street was forecasting. Revenue for the quarter was $2.25 billion, $75 million under the Street's expectations.
As a result of the poor Q3 results and a conservative Q4 outlook, the firm slashed its 2011 EPS estimate from $1.49 to $0.75 and has its 2012 estimate at $1.23. Benchmark is forecasting 12.9 percent revenue growth for the year as the retail price per gallon increases.
An analyst at the firm comments, "We contend that the shares have upside potential, given the Company’s growth and operating margin opportunities. We believe over the next couple years, The Pantry could continue to improve its store base, which could lead to years of revenue growth. Through new and improved systems, we expect the Company to drive comps and expand operating margins."
For more ratings news on The Pantry click here and for the rating history of The Pantry click here.
Shares of The Pantry closed at $11.90 yesterday.
The company reported poor Q3 results with EPS of $0.93, $0.29 below that the Street was forecasting. Revenue for the quarter was $2.25 billion, $75 million under the Street's expectations.
As a result of the poor Q3 results and a conservative Q4 outlook, the firm slashed its 2011 EPS estimate from $1.49 to $0.75 and has its 2012 estimate at $1.23. Benchmark is forecasting 12.9 percent revenue growth for the year as the retail price per gallon increases.
An analyst at the firm comments, "We contend that the shares have upside potential, given the Company’s growth and operating margin opportunities. We believe over the next couple years, The Pantry could continue to improve its store base, which could lead to years of revenue growth. Through new and improved systems, we expect the Company to drive comps and expand operating margins."
For more ratings news on The Pantry click here and for the rating history of The Pantry click here.
Shares of The Pantry closed at $11.90 yesterday.
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