Zoe's Kitchen (ZOES) PT Lowered to $15 at Deutsche Bank as Shares Come Under Pressure
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Deutsche Bank lowered its price target on Zoe's Kitchen (NYSE: ZOES) to $15.00 (from $21.00) while maintaining a Hold rating. Investors have growing concerns, especially after negative first quarter comps. ZOES's share traded significantly lower, closing down ~12%, after rallying from down nearly 30%.
1Q17 results consisted of favorable commodities and controlled G&A spending, but these factors did not offset the soft SSS, labor pressure and store operating expense de-leverage, that resulted in ~210bps lower restaurant-level margins.
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