UPDATE: Piper Jaffray Initiates Ignite Restaurant Group with Overweight, $20 PT
Piper Jaffray initiates its coverage on Ignite Restaurant Group (NASDAQ: IRG) with an Overweight rating and a price target of $20.
Piper Jaffray comments, "The Ignite story is centered around above-industry average unit growth of a concept with very solid unit-level returns (and a growth option of concept number two); built on proven brand equity as evidenced by same-store sales trends. The company's concepts are Next Generation by nature, which leaves both well-positioned to take market share. Continued new unit development momentum is established and impressive; and may lead to the doubling of the current unit base. We have assessed the company's growth pipeline at $7 per share."
IRG closed at $17.61 on Monday.
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