Potbelly (PBPB) Bullish Stance Reiterated at Piper Jaffray Post Q1

Piper Jaffray analyst Nicole Miller Regan updated her model and reiterated an Overweight rating and $26 price target on Potbelly Corp (NASDAQ: PBPB) following Q1 results.

Regan commented, "Potbelly delivered 1Q14 earnings of $0.01 per share, ahead of consensus estimates of flat and our expectation for ($0.01). In 1Q, we understand company comp results reflect approximately 0.5% price and (2.7%) mix/traffic. We understand underlying comp trends in the 2Q14 period were likely in the +LSD digit range after adjusting for weather-related impacts. Our annual numbers largely remain unchanged, although we note development to be skewed more towards 2H14 now vs. prior estimates. Development expectations and guidance were largely reiterated for the year."

For an analyst ratings summary and ratings history on Potbelly Corp click here. For more ratings news on Potbelly Corp click here.

Shares of Potbelly Corp closed at $16.51 yesterday.

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