Deutsche Bank Starts Fogo de Chao (FOGO) at Hold

Deutsche Bank initiated coverage on Fogo de Chao (NASDAQ: FOGO) with a Hold rating and a price target of $22.

Analyst Karen Short said, "Fogo de Chao is an authentic and unique Brazilian-style steakhouse restaurant that successfully emigrated its concept to the U.S. The concept is driven by its simplicity and differentiation across its menu and labor model helping contribute to solid unit economics and supporting a scalable expansion story. Despite impressive operating margins and significant room for domestic and international growth, we believe Brazilian economic and F/X challenges coupled with the current valuation multiple supports our Hold rating and $22 price target."

For an analyst ratings summary and ratings history on Fogo de Chao click here. For more ratings news on Fogo de Chao click here.

Shares of Fogo de Chao closed at $23.44 yesterday.

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