Fogo de Chao (FOGO) PT Raised to $15 at Deutsche Bank

Deutsche Bank raised its price target on Fogo de Chao (NASDAQ: FOGO) to $15.00 (from $14.50) while maintaining a Hold rating.

Analyst Brett Levy commented, "Fogo de Chao’s release its fourth quarter results, which included EPS that was ~1c ahead of our estimate on a blended SSS decline of 2% (consisting of US SSS that were better than our forecast at -1% vs. DBe -2% and a -6.9% Brazilian comps). Restaurant-level margins compressed by ~110bps more than our model, as ongoing inefficiencies from new units and to a lesser degree SSS deleverage continued to weigh on result. In addition, FOGO introduced 2017 line-item guidance which were highlighted by top-line growth of ~+9-11% (including largely flattish comps and new units) and restaurant-level margins that may decline by an additional ~60-100bps."

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