RBC Capital Remains Sidelined on Bojangles' (BOJA) Following 2Q
RBC Capital maintained a Sector Perform rating on Bojangles' (NASDAQ: BOJA), and cut the price target to $19.00 (from $20.00), following the company's 2Q earnings report. Bojangles’ 2Q company SSS growth of 0.9% was roughly in-line with our 1% estimate and included 0.5pp of traffic growth, 1.7pp of pricing and a 1.3pp decline in mix.
Analyst David Palmer commented, "We are trimming our estimates and price target based on lower anticipated SSS growth and increased labor costs. Despite these near-term constraints, we are optimistic that operational initiatives and growing platform innovation can help bolster sales trends over time."
For an analyst ratings summary and ratings history on Bojangles' click here. For more ratings news on Bojangles' click here.
Shares of Bojangles' closed at $18.33 yesterday.