UPDATE: Craig-Hallum Upgrades BBQ Holdings (BBQ) to Buy, Raises PT to $15
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Craig-Hallum analyst Alex Fuhrman upgraded BBQ Holdings (NASDAQ: BBQ) from Hold to Buy and raised the price target to $15.00 (from $5.00) noting the company has executed well during the pandemic, with back to back profitable quarters and the successful integration of Granite City.
The analyst stated "Given improvements to the company’s labor and operating models as well as the development of a new small box, line serve format, we believe the company will be more profitable on
the other side of COVID, and expect adjusted EBITDA to ramp up to $10M+ as the pandemic eases, likely 2022 or earlier. With our EBITDA estimates moving significantly higher and the stock priced at a big discount to peers, we are upgrading BBQ shares to a Buy rating and raising our price target to $15."
Shares of BBQ Holdings closed at $9.50 yesterday.
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