Barclays Maintains an 'Equalweight' on P.F. Chang’s (PFCB); 2011 Investor Day Preview: Work in Progress; Insights Into Early Turnaround Efforts
Tweet
Share
E-mailGet Alerts PFCB Hot Sheet
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
Join SI Premium – FREE
Barclays maintains an 'Equalweight' on P.F. Chang’s (NASDAQ: PFCB) price target of $35.00.
Barclays analyst says, "P.F. Chang's 2011 Investor Day, on 11/18 in Scottsdale, AZ, will be only the second such meeting in company history, with the first in 11/06. We expect presentations by the CEO, CFO, and leadership from each operating segment (Bistro, Pei Wei and Global Brands). The focus will be on early turnaround efforts to support a top-line recovery as we look to 2012, leaving the back half of 2012 as critical to assess the longer-term health and viability of both brands. The question remains whether efforts will resolve comp concerns without damaging consumer perception and financial performance. We expect uncertainty to limit near-term outperformance."
"A Look Ahead; We expect challenges to persist into 2012. On revenue, our forecast is for comps to remain negative near term, while unit growth to be re-accelerated at Pei Wei (high-single-digit growth). Guidance is for food inflation up 4-5%. With pricing power limited, we expect another year of restaurant margin pressure. Ultimately, we believe mid-single-digit EPS growth is reasonable, benefitting from new $100m share repurchase authorization, with additional support from a 3%+ dividend yield."
For an analyst ratings summary and ratings history on P.F. Chang’s click here. For more ratings news on P.F. Chang’s click here.
Shares of P.F. Chang’s closed at $32.02 yesterday.
Barclays analyst says, "P.F. Chang's 2011 Investor Day, on 11/18 in Scottsdale, AZ, will be only the second such meeting in company history, with the first in 11/06. We expect presentations by the CEO, CFO, and leadership from each operating segment (Bistro, Pei Wei and Global Brands). The focus will be on early turnaround efforts to support a top-line recovery as we look to 2012, leaving the back half of 2012 as critical to assess the longer-term health and viability of both brands. The question remains whether efforts will resolve comp concerns without damaging consumer perception and financial performance. We expect uncertainty to limit near-term outperformance."
"A Look Ahead; We expect challenges to persist into 2012. On revenue, our forecast is for comps to remain negative near term, while unit growth to be re-accelerated at Pei Wei (high-single-digit growth). Guidance is for food inflation up 4-5%. With pricing power limited, we expect another year of restaurant margin pressure. Ultimately, we believe mid-single-digit EPS growth is reasonable, benefitting from new $100m share repurchase authorization, with additional support from a 3%+ dividend yield."
For an analyst ratings summary and ratings history on P.F. Chang’s click here. For more ratings news on P.F. Chang’s click here.
Shares of P.F. Chang’s closed at $32.02 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Viking Holdings (VIK) PT Raised to $82 at Mizuho
- Ferrovial SA (FER:SM) (FRRVF) Reiterated at Buy by UBS on Winning Bid For Tennessee Project
- Cummins (CMI) PT Lowered to $675 at Jefferies
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Barclays, Dividend, Stock BuybackSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
