Wells Fargo Starts Papa Murphy's Holdings (FRSH) at Outperform

Wells Fargo initiated coverage on Papa Murphy's Holdings (NASDAQ: FRSH) with an Outperform rating and a price target of $11-$12.

Analyst Jeff Farmer said, "We have initiated coverage of Papa Murphy’s (FRSH) with an Outperform rating and an $11-12 valuation range. We expect to see multiple expansion into 2015 as the company demonstrates an ability to (1) accelerate its near best-in-class unit development rate, (2) increase annual EBITDA growth to 10+% in 2016E and beyond as FRSH absorbs incremental public company and development infrastructure costs, (3) reduces both its leverage and interest expense as free cash flow is used to pay down debt, and (4) the market more fully appreciates the company’s near best-in-class return on invested capital (ROIC)."

For an analyst ratings summary and ratings history on Papa Murphy's Holdings click here. For more ratings news on Papa Murphy's Holdings click here.

Shares of Papa Murphy's Holdings closed at $9.34 yesterday.

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