Miller, Tabak Downgrading Bob Evans On Valuation

Miller Tabak is downgrading shares of Bob Evans Farms, Inc. BOBE to Hold on valuation calls, as the stock has reached the company's $35 price target. In a note to clients, Miller Tabak writes, "We downgrade shares of Bob Evans Farms (BOBE) to Hold (from Buy) following the 19% jump in the share price since the company's June 7 earnings report, at which point we had upgraded the stock to a Buy rating. Our thesis of a sustained comp improvement at the core Bob Evans concept, a turnaround at the smaller Mimi's Café concept, and earnings power from the combination of top-line growth and cost reductions remains intact. However, we now think a continuation of these positive trends has been priced into BOBE shares." At last check, shares of BOBE were up 44 cents to $34.71, a gain of 1.3%.