Wedbush Securities Reiterates Outperform, Raises Price Target On Fiesta Restaurant Group On Another Impressive Quarter

In a report published Friday, Wedbush Securities analyst Nick Setyan reiterated an Outperform rating on

, and raised the price target from $68.00 to $82.00. In the report, Wedbush Securities noted, "Continue to see upside to current 2015 expectations. QTD Q1 SSS growth of 8.6% at PT and 4.1% at TC were ahead of 5.3% and 3.5% consensus, respectively. 2015 Pollo SSS growth guidance of +MSD (vs. 5.2% cons.), and Taco guidance of +LSD (vs. 2.6% cons.) were reiterated. 2015 unit growth was also upped by 2 to 28-32 co-owned openings. We continue to believe that the 53rd week in 2015, in addition to >4% menu price increases at Pollo and 2.5% at Taco, are enough to offset any incremental inflationary pressure from commodities and healthcare, and should result in meaningful leverage at both the unit level and on G&A. We also believe that cost opportunities remain, and expect Pollo comp outperformance above MSD driven by a number of throughput initiatives, menu changes/introductions of TX learnings into Florida, and Florida Pollo remodels." Fiesta Restaurant Group closed on Thursday at $66.99.