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In a report published Wednesday, Piper Jaffray analyst Nicole Miller Regan reiterated an Overweight rating on Fiesta Restaurant Group (NASDAQ: FRGI), and raised the price target from $33.00 to $38.00.
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In the report, Piper Jaffray noted, “Following our recent visit to the Tennessee market we have increased confidence in the Pollo Tropical (PT) brand's ability to successfully expand beyond its core Florida geographies. This has been one of the primary push backs on the FRGI story and we believe our recent checks give us increased visibility into the potential efficacy of topline and operational initiatives, particularly as the brand seeks to move into new and more media efficient regions, such as Texas in early 2014. We are increasing our price target to $38 (from $33 prior) based on 40x our maintained FY14E EPS (vs. 35x prior). The increase in multiple reflects our increased visibility into sales driving opportunities for the Pollo Tropical brand in new markets.”
Fiesta Restaurant Group closed on Tuesday at $34.86.