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UPDATE: Piper Jaffray Initiates AFC Enterprises at Overweight on Brand Strength

Related AFCE
UPDATE: Jefferies Initiates Coverage on AFC Enterprises on Meaningful Growth Story
Earnings Scheduled For November 13, 2013

Piper Jaffray initiated coverage on AFC Enterprises (NASDAQ: AFCE) with an Overweight rating and a $28 price target.

Piper Jaffray commented, "We are initiating coverage of AFC Enterprises, Inc. with an Overweight rating and $28 price target, which is ~11x our FY13 EV/EBITDA. We believe this multiple is appropriate given the company's predictable and profitable business model. Evidence of the Popeyes brand equity is consistent positive LSD+ same-store sales, steady MSD+ unit development and operating margin expansion. Upside to earnings may result from the company's ability to embrace its authentic Southern heritage in the form of remodels and its system to promote operational excellence and accelerated development -- all of which serve as potential catalysts."

AFC Enterprises closed at $25.32 on Thursday.

Latest Ratings for AFCE

Jan 2014WedbushInitiates Coverage onOutperform
Dec 2013JefferiesInitiates Coverage onBuy
Feb 2013PiperJaffrayMaintainsOverweight

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Posted-In: Piper JaffrayAnalyst Color Initiation Pre-Market Outlook Analyst Ratings


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