Bank Of America Downgrades Country Style Cooking To Underperform

According to Bank of America, Country Style Cooking CCSC is downgraded to Underperform. Bank of America said that it downgrades CCSC to Underperform from Neutral after a disappointing 1Q11 result with GAAP/Non-GAAP NPAT down 22%/9% YoY. “We trim our 2011/12E GAAP NPAT estimate 31/30% and lower PO to US$14 (from HK$25.5), an implied 23x 2012E PE. Although we remain positive towards its long-term growth, we see too many growing pains and low earnings visibility in the near term.” Country Style Cooking closed yesterday at $16.74.