Credit Suisse Initiates CCSC With A Neutral Rating, $27.37 PT

Credit Suisse is initiating coverage of Country Style Cooking Restaurant

with a Neutral rating and a target price of $27.37. “We expect a strong adjusted earnings (ex. forex loss) CAGR of 48.7% over 2010-13 on the back of a 47.9% revenue CAGR,” Credit Suisse writes. “However, with CSC trading at 46.0x/28.4x 2011/2012E adj. P/E, we believe there is limited upside over market returns. We initiate coverage of CSC with a NEUTRAL rating, and set our target price at US$27.37, based on 0.66x PEG, a 15% discount to Ajisen (based on Bloomberg consensus) due to CSC.s shorter track record.” Country Style Cooking Restaurant closed Wednesday at $24.30.