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Zoe’s Kitchen Inc (NYSE:ZOES) soared despite missing on third-quarter sales estimates and narrowing FY17 sales guidance.
The Analyst
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Jefferies’ Andy Barrish.
The Rating
Upgrade to Buy from Hold, with a $16 price target.
The Thesis
Despite a slight sales miss in the third quarter, Barrish is confident that Zoe’s top-line catalysts will drive new revenue growth.
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“We like ZOES brand positioning and even in very competitive fast-casual category we believe sss can return to positive consistently beginning in ’18. We believe this will come from continued new menu innovation,” said Barrish.
A re-launched integrated mobile app/loyalty program is driving more customer engagement and the potential to drive increased awareness, according to Jefferies.
Over the long term, Barish sees Zoe’s continuing to drive high growth, with disciplined unit growth and mid-single digit comps.
“We do not expect substantial upside to our numbers, but believe the totality of Zoe’s growth opportunity should allow it to maintains a premium multiple,” concluded the analyst.
Price Action
Shares of Zoe’s closed up 13.5 percent at $12.44.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.