KeyBanc Capital Markets Initiates Ignite Restaurant Group Coverage: Buy, $22 PT
KeyBanc Capital Markets initiated Ignite Restaurant Group (NASDAQ: IRG) coverage with a Buy rating and $22 price target in a research report published today.
In the report, KeyBanc Capital Markets stated, "Since CEO Ray Blanchette was hired in 2007, Ignite Restaurant Group (IRG-NASDAQ) has improved its adjusted EBITDA from $20.3 million in 2008 to $44.1 million in 2011. During the next two years, we project earnings growth will exceed 20%, driven by 10% expansion of higher return producing units, moderate SRS growth, and healthy margin expansion."
Shares of Ignite Restaurant Group closed today at $17.83, down 0.78% from Tuesday's market close.
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