Potbelly (PBPB) PT, Estimate Bumped Higher at Piper Jaffray post Q3

Piper Jaffray analyst Nicole Miller Regan reiterated an Overweight rating and bumped her price target on Potbelly Corp (NASDAQ: PBPB) to $14.00 (from $13.00) following Q3 results which were ahead of expectations.

Regan commented, "Potbelly delivered 3Q14 earnings of $0.09 per share vs. consensus at $0.07 and our estimates at $0.05. In 3Q, we understand company comp results reflect approximately 2.0% price and (1.5%) mix/traffic. We understand comp sales and traffic improved throughout the 3Q period and believe that should recent trends continue there could be upside to our +2.0% same-store sales estimate in 4Q14. We maintain our Overweight rating and are increasing our price target to $14 (from $13) based on 55x (from 51x) our FY15E EPS which reflects the better-than-expected results and potentially increased consistency in trends."

The firm bumped FY 2014 EPS from $0.18 to $0.19 and maintained FY 2015 EPS at $0.25.

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 $13.25 yesterday.

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