Piper Jaffray Remains Bullish on Fiesta Restaurant (FRGI) Following Consumer Conference

Piper Jaffray reiterates an Overweight rating and $60.00 price target on Fiesta Restaurant Group (NASDAQ: FRGI) following a presentation at the 35th Annual Piper Jaffray Consumer Conference. Analyst Nicole Regan believes that the pipeline of new unit openings and general opportunity around sales growth remains compelling.

Regan commented, "Fiesta Restaurant Group presented at the 35th Annual Piper Jaffray Consumer Conference today to a packed room. Presentation highlights included a deep dive around the following: 1) recent investor concerns related to the perception of a general slowdown in economic performance of the Texas market, 2) why/how the Pollo Tropical brand performs well in both newer and heritage markets, and 3) the misperception related to potential impacts from avian flu. We continue to believe the pipeline of new unit openings and the general opportunity around sales volume growth at both brands over time remains compelling. The company also offered a cooking demo highlighting core menu items from the Pollo Tropical brand. We reiterate our Overweight rating and note that each 1% change in same-store sales equates to $0.07 in incremental EPS (on a full year basis) and that each 1x in EBITDA multiple is worth approximately $4 per share."

For an analyst ratings summary and ratings history on Fiesta Restaurant Group click here. For more ratings news on Fiesta Restaurant Group click here.

Shares of Fiesta Restaurant Group closed at $48.67 yesterday.

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