Piper Jaffray Reiterating Overweight On Einstein Noah Restaurant

Piper Jaffray is reiterating its Overweight rating and $19 price target on shares of Einstein Noah Restaurant BAGL. In a note to clients, Piper Jaffray writes, "After recently hosting meetings with management, we are reiterating our positive outlook on Einstein Noah shares. We see thoughtful execution of operational and profitability initiatives as a strong supplement to the company's steady asset-light unit- growth. Further, we believe culinary R&D and store-level profitability efforts have created a compelling road map for future growth and evolution of the brand. With the majority of its major commodity needs (wheat, coffee, and dairy) locked for FY11 we believe the company is well-positioned to manage its business going forward. We reiterate our Overweight rating and $19 price target." Shares of BAGL gained 21 cents yesterday to close at $14.21.